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Consumer Protection Agency Unveils New "Payday" Lending Rules


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Consumer Protection Agency Unveils New "Payday" Lending Rules

Jubilee USA

WASHINGTON - The Consumer Financial Protection Bureau releases new rules governing "payday" lending - high interest loans that affect low-income communities. New regulations assess a borrower's ability to repay loans and meet basic living expenses. Payday lenders are now prevented from directly withdrawing funds from a borrower's bank account under certain circumstances.

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