Welcome, sign in or click here to subscribe.
Login: Password:
     
     


 

 

  Business


Subscriber content preview

February 7, 2019

Financial watchdog to gut most payday lending rules

  • The move is a major win for the payday lending industry, and a big loss for consumer groups.
  • By KEN SWEET
    AP Business Writer

    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.


     
    . . .


    To read this story in full login or purchase a subscription.



    --