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Trump Administration Hands Major Victory to Payday Lenders

Trump Administration Hands Major Victory to Payday Lenders LANSING, Mich. – The federal government is proposing to change rules that protect consumers from those short term payday loan companies often referred to as predatory lenders.

The Bureau of Consumer Financial Protection had already put the Obama-era Payday Lending Rule on hold, but on Wednesday, the agency said it wants to remove the requirement that lenders determine whether borrowers have the ability to pay the loan back. …(Read More)

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