Stepping Back? CFPB Reconsiders Protecting Cash Advance Borrowers

The Consumer Financial Protection Bureau (CFPB) may be taking steps to undo them after several years of working to pull together borrower-friendly rules for the payday lending industry. The agency has not yet started the official “undoing” process, but Mick Mulvaney, the acting director, announced in a Jan. 16 statement, “the Bureau intends to take part in a rule-making procedure so the bureau may reconsider the Payday Rule.” It really is one of the notices…