Consumer Protection Bureau Aims To Roll Back Rules For Payday Lending
A rule would have protected borrowers from ballooning loans with giant interest rates. Now, the Consumer Financial Protection Bureau proposes ripping its teeth out.
The Consumer Financial Protection Bureau is targeting one of the hallmarks of the Obama administration: a rule that would protect the most vulnerable borrowers against the ballooning debt that can accrue with payday loans.
The rule never actually took effect. And now the consumer protection bureau is proposing to take it off the table.
The agency's chief, Kathy Kraninger, said in a statement that pulling back the rule would encourage competition in the
