CFPB Strips Some Consumer Protections For Payday Loans
![A manager of a financial services store in Ballwin, Mo., counts cash being paid to a client as part of a loan in 2018. Consumer groups blasted a new payday lending rule and its timing during a pandemic that has put tens of millions of people out of work.](https://media.npr.org/assets/img/2020/07/07/ap_19037631312796_wide-b2a5d63c2538ff6e8ef75957b778d2ae3b58f8f0.jpg?s=600)
Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.
(Image credit: Sid Hastings/AP)
![](https://media.npr.org/include/images/tracking/npr-rss-pixel.png?story=888499021)