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February 7, 2019
NEW YORK — The nation's federal financial watchdog said Wednesday that it plans to abolish most of its critical consumer protections governing payday lenders.
The move is a major win for the payday lending industry, which argued the government's regulations could kill off a large chunk of its business. It's also a big loss for consumer groups, who say payday lenders exploit the poor and disadvantaged with loans that have annual interest rates as much as 400 percent.
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