Charlene Crowell

Consumer Protection Payday Rule at Risk, Just Like Student Loan Protections

An important consumer protection rule that was to take effect January 16 is now being “reconsidered” by the same agency that was to enforce it – the Consumer Financial Protection Bureau (CFPB). After years of fierce advocacy that drew bright lines between a predatory lending industry and a coalition of concern that looks like America, a rule was announced in 2017, designed to ensure that loans only went to consumers who could afford to repay them. The rule also curbed triple-digit interest rates on small dollar loans like payday. The new announcement came on the watch of Mick Mulvaney who