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The Trump Administration Simply Gutted Payday-Lending Regulations

The Trump Administration Simply Gutted Payday-Lending Regulations

Under Trump appointee Mick Mulvaney, the CFPB is rendering it easier for predatory loan providers to make use of the most susceptible customers.

By Michelle Chen Twitter

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January 16 had been said to be a single day of reckoning for the predatory-lending that is notorious, whenever a guideline through the Obama administration’s consumer-watchdog agency would finally begin to suppress a small business that is fleecing the indegent. But the time the regulation that is new set to kick in, the Trump White House’s newly appointed head of this agency dec

Just last year the buyer Financial Protection Bureau (CFPB) crafted a long-awaited guideline on payday lending—the industry providing short-term loans that exploit poor consumers—to clamp down on fraudulence by forcing loan providers to “reasonably figure out that the buyer is able to repay the mortgage” (instead of defaulting or publishing to much more exploitative terms).