The U.S. Consumer Financial Protection Bureau (CFPB) has accused payday lenders of trapping borrowers in a cycle of debt and said that it may create new rules for short-term lending. Lenders often make small-dollar loans without actually checking whether the borrower will be able to repay them, according to the CFPB's April 24 report. These loans, with their high fees and short repayment deadlines, can drive consumers to take out multiple loans to cover them. The new report on the payday loan market found that about two-thirds of the payday borrowers in the study -- which covered more than 15 million loans over the course of 12 months -- took out seven or more loans in one year, most within two weeks of repaying a previous loan. The 2010 Dodd-Frank law allows the CFPB to prevent financial firms from offering unfair consumer products, and the bureau began supervision of payday lenders in 2012. Director Richard Cordray said the agency will work with states on enforcement actions against lenders that operate online to avoid state laws.