Although the financial services industry supports the Consumer Financial Protection Bureau’s (CFPB) proposal to rescind provisions of its payday lending rules placing strict underwriting standards on small-dollar loan products, Democrats and consumer advocates came out strongly opposed to the move.
Critics argue that the proposal is tantamount to the bureau, and by extension the Trump administration, siding with the payday lending industry, and a sign that CFPB Director Kathy Kraninger is following in the footsteps of her predecessor.
Find out more about the opposition to the bureau’s proposal.