NEW YORK | Watchdog looks to rescind crucial part of payday loan rules

NEW YORK | Watchdog looks to rescind crucial part of payday loan rules

NEW YORK — The Consumer Financial Protection Bureau will revisit a crucial part of its year-old payday lending industry regulations, the agency announced Friday, a move that will likely make it more difficult for the bureau to protect consumers from potential abuses, if changed.

The CFPB finalized rules last year that would, among other changes, force payday lenders to take into account the ability of their customers to repay their loans in a timely manner, in an effort to stop a harmful industry practice where borrowers renew their loans multiple times, getting stuck in a cycle of debt.

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