Critics of CFPB’s Revised Payday Rule Miss the Mark

The Consumer Financial Protection Bureau recently released its proposed revisions to small-dollar lending rules. Public backlash was predictable and immediate, as politicians and commentators denounced the bureau for enabling “predatory lending” while spinning stories of “debt traps” and ruined lives.

The CFPB should ignore that criticism, however. Its rule revision was a victory for evidence-based governance and credit-starved consumers.

Read the full piece here at American Banker.

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