Under a new chief appointed by President Donald Trump, the federal Consumer Financial Protection Bureau proposes to roll back an Obama-era rule designed to protect Americans from predatory payday lenders (who charge an average 528 percent APR in Utah). The move would stop requiring lenders to ensure that a customer is able to repay loans. It says that current rule may make it too hard for the poor to access credit. Consumer groups say the change would gut protection. It was first proposed by then-acting agency director Mick Mulvaney, who is now the acting White House chief of staff.
Political Cornflakes: Under new Trump-appointed chief, federal agency seeks to weaken payday loan rule
