(NEW YORK) — The nation’s federal financial watchdog said Wednesday that it plans to roll back most of its consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the government’s regulations could kill off a large chunk of its business. It’s also a big loss for consumer groups, who say payday lenders exploit the poor and disadvantaged. This is also the first rollback of regulations under the Consumer Financial Protection Bureau’s new director, Kathy Kraninger, who took over the bureau late last year. The cornerstone of the regulations was a rule that forced lenders to make sure borrowers could afford to repay a payday loan without being stuck in a cycle of debt.
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KEN SWEET / AP, Time: Business
Wed, 02/06/2019 - 12:32pm
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