Economy

CFPB finalizes rule cracking down on payday loans amid GOP opposition

By Joseph Lawler
Published October 5, 2017 4:31pm ET
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CFPB finalizes rule cracking down on payday loans amid GOP opposition
Central to the regulations is the requirement that lenders who offer short-term, small-dollar loans verify that customers have the ability to repay the loans. (AP Photo/Nati Harnik, File) | Nati Harnik

The Consumer Financial Protection Bureau finalized a sweeping set of rules on payday and auto title loans Thursday, defying Republican opposition and setting up another test of the financial industry’s clout in Congress.

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CFPB Joseph Lawler Payday Loans Richard Cordray