A payday loan business in Phoenix,Payday lenders—those usurious operations that profit from providing high-interest loans to working-class and poor Americans—have seen their prospects improve dramatically under the Trump administration and the Republican Congress.,The rule, which among other things would obligate lenders to confirm that people can actually afford to repay their loans, was set to go into effect in January but was put on hold by the interim head of the CFPB, Trump appointee Mick Mulvaney. While the CFPB “reconsiders” the law, Mulvaney has reportedly granted waivers to companies that would otherwise have to begin to comply, to the delight of the payday lending industry. His decision represented a sharp break from the CFPB’s past actions under former head Richard Cordray, a Barack Obama appointee who did not shy away from cracking down on predatory lending practices during his tenure.,In the past, the task of reining in small-dollar lending had largely fallen to state legislatures (15 states have essentially blocked payday loan abuse by capping rates at a low level or enforcing other laws).
payday loans joplin The new CFPB rule would have been the first major federal regulation of the industry.
Instead, it moves one step closer to being swept up in the whirlwind of deregulation unleashed by the Trump administration.
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