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Payday lenders warn that proposed new rules could hurt consumers
Payday lenders warn that proposed new rules could hurt consumers

Payday lenders complained loudly that tough new federal regulations proposed for their industry would force many operators to shut down and leave cash-strapped consumers with fewer options for getting short-term loans. "It's apparent to me that literally hundreds of businesses would be so adversely affected by this that they would be put out of business," said Dennis Shaul, chief executive of the Community Financial Services Assn. of America, a trade group for an industry that makes about $38.5 billion in loans a year. But President Obama said Thursday that the new regulations from the Consumer Financial Protection Bureau would protect consumers from predatory lending that...

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