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… Read more »