Payday Lending Rule Fly-Around

Politico's Morning Money features John Berlau's statement on the Consumer Financial Protection Bureau's new payday lending rule. 

CEI’s John Berlau: “The CFPB's rule for restricting small-dollar short-term loans will likely harm many poor and low-income families and stifle beneficial forms of credit far beyond its intended target of payday loans. It's people with marginal credit who can't get credit cards, relying instead on payday loans … The broad reach of the CFPB’s new 'ability to repay' standard could also stifle innovation from entrepreneurs developing new credit options in the FinTech space.”

Read the full post at Politico's Morning Money.