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May 21, 2018

Tougher payday loan rules to remain in place, for now

NEW YORK (AP) — Tougher rules governing the payday lending industry, finalized during the last weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place for now after Congress allowed a deadline to overrule them pass without action.

It's a rare victory for consumer groups in the era of President Donald Trump, but the win is expected to be short-lived. Despite the lack of Congressional action, the bureau, now under the control of Trump appointee Mick Mulvaney, has already announced plans to revisit the regulations, which mostly go into effect next year.

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