The proposed rule takes the right general approach by establishing an ability-to-repay principle – including consideration of income and expenses – at its core. This is extremely significant; while a long-standing tenet of responsible lending, it is one ignored by these abusive industries driven by unaffordable loans. It is a particularly important standard for high-cost loans where lenders have the right to seize a borrower’s bank account or car. At the same time, the proposal as drafted contains significant loopholes that abusive lenders can exploit to continue to prey on vulnerable people.