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Three Questions: Prof. Paul Goldsmith-Pinkham on Payday Advances and Consumer Protection

Three Questions: Prof. Paul Goldsmith-Pinkham on Payday Advances and Consumer Protection

On February 6, the manager regarding the customer Financial Protection Bureau (CFPB), Kathy Kraninger, announced a major modification to payday lending rules. The move weakened defenses instituted because of the federal government by not any longer requiring loan providers to verify a borrower’s power to repay before generally making a loan.