CFPB proposes weakening Obama-era payday lending rule, a win for industry
“The Consumer Financial Protection Bureau on Wednesday proposed drastically weakening Obama-era rules governing payday lenders, boosting the fortunes of an industry accused of keeping low-income borrowers trapped in a cycle of debt. Under the existing rule, which is set to go into effect in August, payday lenders are required to verify borrowers can afford the loans they are being offered. The proposal would rescind that requirement and delay the rule’s implementation until 2020.”