US Consumer Protection Agency Scraps ‘Payday Loan’ Rules

Click to expand Image This ACE Cash Express outlet on San Mateo Boulevard in Albuquerque, New Mexico sits on a block with several small loan storefronts. The lenders who advance people money on their paychecks charge exorbitant interest rates that often snare the most vulnerable customers in a cycle of debt. © 2015 Vik Jolly/AP Photo The United States Consumer Finance Protection Bureau announced this week it would reject rules that aimed to prevent predatory practices by so-called payday and other small-dollar lenders. The regulations would have required lenders to take the basic step…

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