Federal regulators are poised to unveil new rules to rein in payday lending. Payday lenders supply cash to low-income people who borrow against their future paychecks at high interest rates, often becoming trapped in a cycle of mounting debt. Among other measures, the new rules would require lenders to ensure borrowers can actually afford to repay the loans. Democratic National Committee Chair Debbie Wasserman Schultz has sparked protests for backing bipartisan legislation to delay the new rules for two years.
Regulators to Unveil New Rules on Payday Lenders
HeadlineJun 02, 2016