deregulation

A manager of a financial services store in Ballwin, Mo., counts cash being paid to a client as part of a loan in 2018. Consumer groups blasted a new payday lending rule and its timing during a pandemic that has put tens of millions of people out of work.

Economy

CFPB Strips Some Consumer Protections For Payday Loans

5:11pm July 07, 2020

by Scott Horsley

Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.