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Why the government that is federal keep payday defenses in position.

Why the government that is federal keep payday defenses in position.

In November 2017, the customer Financial Protection Bureau (CFPB) issued a guideline needing payday lenders to assess a borrower’s capacity to repay prior to making a loan. Then, in the agency reversed course and announced a plan to rescind the core features of the rule february.

The states have regulated small-dollar, high-cost loans primarily through controls on the price of credit and limits on other loan terms for more than a century. (more…)