CFPB says it will reconsider its rule on payday lending

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CFPB says it will reconsider its rule on payday lending

CFPB says it will reconsider its rule on payday lending

CNN-

The Consumer Financial Protection Bureau has taken the first step to killing or revising the payday lending rule it finalized only a few months ago.

The watchdog agency said in a statement Tuesday that it intends to “reconsider” a regulation, issued in October, that would have required payday lenders to vet whether borrower can pay back their loans. It also would have restricted some loan practices.

If the rule is thrown out or rewritten, it would mark a major shift for an agency that had zealously pursued new limits on banks and creditors before Mick Mulvaney, President Trump’s budget director, became the CFPB’s acting director.

[CNN]

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