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Republicans and Democrats cite the same Federal Reserve data in high-stakes debate on payday lenders

Bloomberg
Republican lawmakers want to ease some of the restrictions on payday lenders that often have astronomical interest rates.

Payday lenders are once again under the microscope this on Capitol Hill. Republican and Democratic lawmakers are using the same U.S. Federal Reserve data to make their cases.

Republican and Democratic lawmakers are using the same U.S. Federal Reserve data to make opposing cases.

The Consumer Financial Protection Bureau wants to reconsider an Obama-era rule designed to keep payday lenders from preying on vulnerable consumers. The Obama-era rule — implemented under former CFPB director Richard Cordray in 2017 — set stricter conditions for short-term loan companies, requiring them to assess the creditworthiness of the borrowers.

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