In bizarre reversal under Trump, consumer agency reveals moves to protect payday lenders
“On payday lending, the bureau said in a terse statement it will ‘reconsider’ the first federal rules providing oversight of short-term loans, including car title loans. This is a nearly $50-billion industry, preying on millions of low-income people living paycheck to paycheck. Say a customer borrows $400. He or she would be obligated to repay the loan within two weeks, plus $60 in interest and fees — the equivalent of an annual percentage rate of more than 300%.”