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New U.S. rule on payday loans to hurt industry, boost banks: agency

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Poor people may be even worse off under the new payday loan rules

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New Payday Loan Rule Aims to Protect Borrowers from Costly Debt

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Oct 25, 2016 In June of 2016, the Consumer Financial Protection Bureau (CFPB) put forward a proposal to regulate the short-term loan industry. The Small Dollar Lending Rule seeks to “alleviate and solve” for the “apparent weaknesses” of the current rates and short-term lenders by requiring “lenders to assess and