Under Trump Administration, CFPB scraps requirements to ensure that borrowers can cover basic expenses before loans

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According to the Guardian, the Trump administration plans to abolish key parts of an Obama-era rule that was aimed at protecting vulnerable borrowers from amassing untenable debts from payday loans.

Questions:
1. How high can the interest rate be from some payday lenders?
2. What is the Trump administration argument for scrapping the basic expense coverage?
3. Who and what do advocates for borrowers blame for the change?

Source:
Milman, O. (2019) Trump administration to roll back Obama-era payday loan protections. The Guardian, Feb. 7 (Retrievable online at https://www.theguardian.com/us-news/2019/feb/07/payday-loans-rule-consumer-financial-protection-roll-back)