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Senators press CFPB for tough small-dollar lending rules
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Consumer Protection
Tuesday, May 20, 2014
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A group of Senate Democrats urged the Consumer Financial Protection Bureau to swiftly propose rules for the small-dollar lending market. Earlier this year, CFPB Director Richard Cordray said his agency is in the late stages of considering how it will craft rules to reform payday lending. Sen. Jeff Merkley, D-Ore., and five other lawmakers wrote a letter to Cordray with some suggestions they said the CFPB should consider as it moves forward.
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