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October 6, 2017

New rules could cut payday loans by 55%

  • But the first nationwide regulation of the industry is still likely to face resistance from Congress.
  • By KEN SWEET
    AP Business Writer

    NEW YORK — Payday and auto title lenders will have to adhere to stricter rules that could significantly curtail their business under rules finalized Thursday by a federal regulator. But the first nationwide regulation of the industry is still likely to face resistance from Congress.

    The Consumer Financial Protection Bureau's rules largely reflect what the agency proposed last year for an industry where the annual interest rate on a payday loan can be 300 percent or more. The cornerstone is that lenders must now determine before giving a loan whether a borrower can afford to repay it in full with interest within 30 days.


     
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