Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending
“A rule drawn up by the CFPB under then President Barack Obama would make it harder for Angela to get her payday loan. Under the proposed rule, which did not take effect, lenders would have to determine that borrowers could afford to repay their loans. Now the bureau has proposed rescinding the rule. It is the first high-profile move by Kathy Kraninger, who was confirmed as the CFPB’s director in late 2018.”