The Consumer Financial Protection Bureau will look to revive a Trump-repealed rule that forced payday lenders to consider borrowers’ ability to pay back loans.
CFPB Acting Director Dave Uejio said in a Tuesday blog post that the bureau plans to reinvigorate its oversight and enforcement of the short-term, small-dollar loan market, including potentially new rulemaking.
In 2017, the CFPB, under former Director Richard Cordray, finalized the ability-to-repay rule, only for it to be rescinded by the bureau’s Trump-era leadership.
The CFPB eventually issued a new payday lending rule in July 2020 that rescinded the ability-to-repay provisions included in the original ...
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