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Evan Weinberger | Bloomberg Law

Lawmakers in states that ban payday lending and have other strong consumer protections are likely to take notice of the CFPB’s potential new stance when considering how to treat pay advance products, said Yasmin Farahi, a senior policy counsel at the Center for Responsible Lending. “In some ways, those existing state consumer laws, which we think are how they should be regulated, could be viewed by these providers as a threat,” she said.

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