Column: Payday loan providers encountered tough brand brand brand new guidelines consumers that are protecting. Then Trump took workplace

Column: Payday loan providers encountered tough brand brand brand new guidelines consumers that are protecting. Then Trump took workplace

Monday something very important, affecting millions of consumers, won’t happen.

That’s when brand brand brand new defenses from abusive payday and car-title loan providers had been set to simply take impact, needing the businesses to be sure borrowers can pay their obligations back in an acceptable length of time and don’t become mired with debt.

But, the Trump management is delaying this safeguard that is perfectly reasonable another 15 months, and currently has announced its intention to accomplish away with all the guidelines completely amid concern they’re too problematic for lenders.

This is actually the latest example of Trump undermining or eliminating consumer-friendly policies initiated by their predecessor, previous President Obama, for no better explanation than because industry players demanded a lighter touch.

“Despite several years of proof concerning the harms of payday and car-title loans, the brand new leadership at the customer Financial Protection Bureau has made a decision to favor the lenders,” said Lauren Saunders, connect manager for the nationwide customer Law Center. Read More