January 16, 2018 / 8:35 PM / a month ago

U.S. consumer finance bureau says intends to reconsider payday rule

WASHINGTON, Jan 16 (Reuters) - The U.S. Consumer Financial Protection Bureau said on Tuesday that it intends to reconsider a rule on curbing payday lending set to go into effect this year that would require lenders to determine if borrowers can repay debts and cap the number of loans lenders could make to a borrower.

“The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule,” the bureau said in a statement, noting that the rule’s official effective date was Tuesday but lenders have until August to comply with most of its provisions. Critics said that the rule would devastate an industry serving 30 million customers. (Reporting by Makini Brice; Editing by Lisa Lambert)

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