BC-US-Payday Lending-Con, 0135
Contributed by NAMPA / Associated Press.
Tougher payday loan rules remain in place<
NEW YORK (AP) - Tougher rules governing the payday lending industry, finalized during the final weeks of an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain in place after Congress allowed a deadline to overrule them pass.
The rules require payday lenders to determine upfront the ability of potential borrowers to repay short-term loans of 45 days or less. It the short-term loan period expires and t ...