CFPB takes big step toward unwinding lending rule that is payday

CFPB takes big step toward unwinding lending rule that is payday

The customer Financial Protection Bureau on Wednesday proposed an overhaul of its payday lending guideline that could move straight back tough underwriting demands that had been championed by the agency within the national government.

The agency — led by new Director Kathy Kraninger — plans to rescind the centerpiece of the original rule: rigorous steps forcing lenders to assess borrowers’ ability to repay credit in a major victory for payday lenders. Continue reading CFPB takes big step toward unwinding lending rule that is payday