CFPB Nearing Finish Line On Payday Lending Rules

Law360, New York (March 25, 2014, 12:04 AM EDT) -- The Consumer Financial Protection Bureau is in the “late stages” of developing new rules for the payday lending industry, the agency's director is expected to announce Tuesday.

The CFPB intends to craft rules that will allow consumers who can “manage to repay” payday loans “without becoming mired in a prolonged and costly struggle” to continue to do so, but any new regulations will aim at preventing payday lenders from structuring their products so that consumers get trapped in a cycle of debt, according to prepared remarks...
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