- Under Trump appointee, consumer protection agency seen helping payday lenders, By Chris Arnold, January 24, 2018, National Public Radio: “Payday lenders appear to have a powerful friend in Washington. Former Republican Rep. Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau. Watchdog groups are up in arms because, under Mulvaney, the CFPB has put on hold a rule that would restrict payday lenders and their high-interest-rate loans. The agency has also dropped a lawsuit against online lenders charging 900 percent interest rates…”
- Federal payday lending rule could face repeal amid new battle, By Kevin McCoy, January 22, 2018, USA Today: “Consumer advocates and business groups are battling over the possibility the Trump administration will eliminate a rule aimed at ensuring borrowers who take out high-interest loans between paychecks can afford to pay them back. Consumer groups say the so-called payday lending rule finalized last year by the U.S. Consumer Financial Protection Bureau should be fully implemented as soon as possible…”
Poverty-related issues in the news, from the Institute for Research on Poverty