Opponents sharpen knives over impending U.S. payday loan rule

[Eugene]

Source: Reuters

#BUSINESS NEWS SEPTEMBER 18, 2017 / 11:57 AM / UPDATED 10 HOURS AGO

Opponents sharpen knives over impending U.S. payday loan rule

Lisa Lambert
3 MIN READ

WASHINGTON (Reuters) - Lobbyists and Republican lawmakers are gearing up for battle over a new U.S. regulation that is likely to dent profits in the $6 billion short-term, high-interest “payday” loan industry.

The Consumer Financial Protection Bureau (CFPB) is expected in coming days to release a long-anticipated rule curbing payday lending, now that a final review by other regulatory agencies has concluded, three people familiar with the matter said.

The rule pits the country’s consumer financial watchdog against payday lenders who say the new regulation will wipe out much of their established industry, currently overseen by the states, and push poor and rural customers to use illegal loan sharks.

“We are likely, on our part, to take the appropriate actions that we can to see this rule never becomes effective, and that includes a possible lawsuit,” said Dennis Shaul, chief executive of the Community Financial Services Association of America (CFSA), a payday lending trade group.

-snip-

Read more: http://www.reuters.com/article/us-usa-consumers-payday/opponents-sharpen-knives-over-impending-u-s-payday-loan-rule-idUSKCN1BT1YG

[Turbineguy]

1. People who keep others poor

and financial slaves are under grave threat. Republicans to the rescue!

[elleng]

2. 'to take the appropriate actions that we can to see this rule never becomes effective'