From the article:
“The Consumer Bureau’s payday rule is necessary to help ensure that lenders cannot trap borrowers, who are typically already financially distressed, in a debt trap that leaves them only worse off,” said Jody Harris, associate director at the Maine Center for Economic Policy. “Repealing this rule would leave veterans and seniors at particular risk, because they are often targeted by payday lenders who trap them in unaffordable high-cost loans.”
Read the full article on Beacon here.
