CFPB Rolls Back Payday Loan Rule Just When Consumers Need More, Not Less, Protection

Washington, D.C. July 7, 2020 – This afternoon, the Consumer Financial Protection Bureau (CFPB) issued a new final rule on payday loans and similar forms of credit, effectively gutting the 2017 CFPB Payday Rule. Specifically, this new final rule rolls back previous important but modest underwriting provisions, which required lenders to establish the borrower’s ability to repay the […]