Payday lenders could get a reprieve from having to check whether borrowers can actually afford their loans.

Federal requirements for payday lenders to determine borrowers’ ability to repay and limits on consecutive loans could be on the chopping block as the Consumer Financial Protection Bureau revises a 2017 regulation that has let to take effect.

The CFPB said in an Oct. 26 statement that it’s looking to revise those two crucial elements of the payday lending rule, along with the...