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The customer Financial Protection Bureau on Tuesday formally rescinded an agenda to impose brand brand new limitations on payday financing, handing the industry a significant success by killing down tighter guidelines it invested years lobbying to overturn.
The proposed guidelines might have been the very first significant federal laws on a business that makes $30 billion per year in high-interest, short-term loans, frequently to currently struggling borrowers. Those loans can leave borrowers caught in rounds of debt, incurring fees every couple weeks to replenish loans they can’t manage to repay. Read more