Oct

Payday Lending Faces Tough New Restrictions by Consumer Agency

A federal agency on Thursday imposed tough new restrictions on so-called payday lending, dealing a potentially crushing blow to an industry that churns out billions of dollars a year in high-interest loans to working-class and poor Americans.

The rules announced by the agency, the Consumer Financial Protection Bureau, are likely to sharply curtail the use of payday loans, which critics say prey on the vulnerable through their huge fees…

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Payday Lending Faces Tough New Restrictions by Consumer Agency

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