U.S. consumer watchdog revisits scaling back payday lending rules
WASHINGTON (Reuters) - The U.S. consumer watchdog on Wednesday proposed reviewing a rule cracking down on payday lenders in what consumer advocates said is a further sign consumer protections are being eroded by the Trump administration.
The Consumer Financial Protection Bureau is revisiting the payday lending rule, drawn up under the Obama administration, after payday lenders complained its "ability-to-repay" requirement would hurt the industry and consumers.
Repealing the ability-to-repay provision, which was due to go into effect in August, is the first big move by director Kathy Kraninger, a former Office of Management and Budget official who took over as CFPB director in December.
"The Bureau will evaluate the comments, weigh the evidence, and then make its decision," said Kraninger, who added that she anticipates working with state and federal regulators to enforce the law against bad actors.
https://www.msn.com/en-us/money/markets/us-consumer-watchdog-revisits-scaling-back-payday-lending-rules/ar-BBTfATQ
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