CFPB proposes to drop protections for low-income borrowers

In 2017, the Consumer Financial Protection Bureau issued a rule to protect borrowers from payday lending practices that harmed consumers. Today it proposed to eliminate several important protections that it earlier adopted to prevent industry practices from trapping low-income people in cycles of debt. I have not yet had a chance to read proposal in full. The CFPB's announcement, with a link to the proposed rule, is here. Coverage by the Washington Post is here.

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