CFPB's payday loan rule would be tossed under Lindsey Graham resolution

A new resolution introduced by Sen. Lindsey Graham would cancel the major new federal regulations on payday lending being rolled out by the Consumer Financial Protection Bureau.

The South Carolina Republican filed the resolution Friday, just under the deadline for potentially undoing the rule under the Congressional Review Act, which provides a mechanism for Congress to eliminate regulations with a simple majority vote in the House and Senate. A companion resolution was already filed in the House with some Democratic support.