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Trump Administration to Roll Back Payday Loan Regulations

HeadlineFeb 07, 2019

The Trump administration unveiled plans Wednesday to dramatically roll back restrictions against payday lenders who charge predatory interest rates. The plan would revoke an Obama-era rule that requires payday lenders verify that borrowers have the ability to pay back their loans, which often carry annual interest rates of nearly 400 percent—about 20 times the typical credit card interest rate. Critics say the plan by the Consumer Financial Protection Bureau would accomplish the opposite of what the agency was created to do when it was founded in 2011, trapping consumers in a cycle of debt.

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