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CEI: Comments on the Payday Loan Rule

May 15, 2019
By Daniel Press

"The economic and legal theories that the Bureau relied upon to promulgate the payday loan rule were deeply problematic."

The final Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule, originally
promulgated in 2017, "was one of the most detrimental regulatory actions ever taken by the Bureau" [of Consumer Financial Protection].

"The economic and legal theories that the Bureau relied upon to promulgate the payday loan rule were deeply problematic. The Bureau is well justified in rescinding the ability-to-repay provisions of the rule, as proposed, as the original rule emphatically failed to demonstrate a case for regulation."

Article Tags
Regulation Economy