President Trump's deregulatory agenda accomplished another milestone this month with the Consumer Financial Protection Bureau (CFPB) announcement that it plans to rescind Obama-era regulations on short-term loans. Both lenders and borrows should rejoice about this increase in access to credit.
Under the leadership of newly appointed director Kathy Kraninger, the CFPB plans to entirely scrap the CFBP's lending requirement rule, which was an existential threat to short-term loans, also known as payday loans. Scrapping this rule will keep an important emergency credit spigot open for individuals and small businesses.
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