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A coalition of conservative groups is lending its support to the CFPB’s proposal to delete the ability-to-repay requirement for short-term lenders.

“The original small dollar loan rule, finalized in 2017 by then-director Richard Cordray, is one of the most detrimental regulations ever issued by the Bureau, an unaccountable and unconstitutional regulator established by the Dodd-Frank Act,” the coalition, led by the Competitive Enterprise Institute, wrote in a comment letter to the CFPB.

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David Baumann

 

Credit Union Times

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