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Trump administration quietly rolls back protections against predatory payday loans

1 month ago   |   By Fortune

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President Donald Trump quietly ended a rule intended to protect low-income Americans from predatory high-interest payday loans this week. The move reverses a banner Obama-era initiative that required lenders to make sure that someone taking out a loan could afford to repay it.
The rule, which was instituted and then reversed by the Consumer Financial Protection Bureau would have held payday lenders to the same basic rules that banks must abide by...
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