February 6, 2019 / 5:00 PM / 2 months ago

U.S. consumer watchdog revisits scaling back on payday lending rules

WASHINGTON, Feb 6 (Reuters) - The U.S. consumer watchdog on Wednesday proposed reviewing a rule cracking down on payday lenders, in what consumer advocates said is a further sign consumer protections are being eroded under the administration of President Donald Trump.

The Consumer Financial Protection Bureau is revisiting the payday lending rule, drawn up under the Obama administration, after payday lenders complained its “ability-to-repay” requirement would hurt the industry and consumers.

In a separate proposal, the agency said it is seeking industry comment to delay the implementation of the underwriting provision by three months to November 19, 2019. (Reporting by Katanga Johnson Editing by Michelle Price and Chizu Nomiyama)

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