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The Consumer Financial Protection Bureau announced it plans to roll back its Payday Lending Rule aimed at protecting consumers from the high-interest short-term loans. The proposed changes would be one of the first major policy implementations made by new director Kathy Kraninger.

Established in 2018, the Payday Lending rule aimed to protect consumers from bad lending practices and repayment abuse. The rollback of some of its provisions, to take effect in November 2020, have consumer advocates warning of a major setback to consumer protections..