Regulatory Shift Favoring Payday Lenders Challenged by 8 Attorneys General

Standing up for vulnerable Americans whom the Covid-19 pandemic has brought to the brink, seven attorneys general joined New York’s top prosecutor Tuesday in a court challenge of interest rates that President Trump has allowed to go sky high, a boon for predatory payday lenders.

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States Sue Trump Administration Over New Payday-Lending Rule

Seeking to stop the cycle of unsophisticated borrowers getting trapped in a recurring cycle of debt, multiple states have imposed regulations on payday lenders in recent years – regulations that will no longer apply to some lenders under a new Trump administration rule.

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Mulvaney Takes Heat for Handling of Equifax Probe

Mick Mulvaney, director of the Office of Management and Budget, continued to scale back regulatory efforts in the finance industry, so the Center for Responsible Lending held a media call Wednesday to address how Mulvaney’s actions within the Trump administration could affect regulation of the payday lending industry.

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