Consumer Watchdog Proposes New Rules On Payday Lenders
Regulations proposed by the Consumer Financial Protection Bureau would require lenders to determine whether customers can repay within 30 days before issuing a loan.
Many payday lenders could go out of business if rules made final this week by the Consumer Financial Protection Bureau go into effect. But the changes face stiff headwinds from Republicans in Congress.
One new rule would require payday and auto title lenders to determine whether a borrower can afford to repay in full within 30 days. That could thwart a business model
