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June 20, 2016
NEW YORK — The controversial $38 billion payday lending industry is about to be regulated at the federal level for the first time based on new regulations proposed recently by the Consumer Financial Protection Bureau.
The regulations are designed to keep people from falling into what the CFPB calls a “debt trap,” where borrowers can get stuck paying off a high-interest loan for months on end for what is supposed to be a two-week loan.
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