CFPB Starts Rollback of Flawed Payday Loan Rule

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Today the Consumer Financial Protection Bureau announced plans to roll back its controversial Obama-era rule against payday lending. CEI financial policy expert Daniel Press welcomed the proposed changes:

“The newly proposed payday loan rule is a crucial fix to a regulation that threatened access to credit for millions of Americans who need to cover emergency expenses between paychecks. The action by the Bureau today preserves consumer choice and access to credit, allowing individuals – not Washington bureaucrats – to decide what is best for themselves.”

Background material:

How the Consumer Financial Protection Bureau’s Payday Loan Rule Hurts the Working Poor

Five Priorities for New BCFP Director

Bureau of Consumer Financial Protection Needs to Rewrite Payday Loan Rule