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Tulsa World editorial: Don't roll back rules that protect consumers from payday lending abuses

Thursday, February 21, 2019
Tulsa World

The Consumer Financial Protection Bureau should not reverse a common-sense rule that protects payday lending borrowers.

This month, the bureau proposed rolling back a 2017 rule that prohibits loans to borrowers who cannot demonstrate an ability to pay them back.

That essentially prevents payday lenders from intentionally making short-term loans to weak borrowers then repeatedly flipping the debt to amass extra fees. It was a high-profit racket for predatory lenders before the rule, and it will return if the rule is rolled back.