Customers may lose defenses in proposed payday lending changes

In an important victory for the payday financing industry gives fast loans at excessive rates of interest, the customer Financial Protection Bureau is proposing modifications to regulations that protect borrowers from being caught in long-lasting debt. Ken Sweet, Associated Press’ company reporter, joins Hari Sreenivasan for lots more.

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Hari Sreenivasan:

Payday financing. It is a huge industry that costs excessive interest levels for quick loans — often to individuals with dismal credit ranks. The other day, the buyer Financial Protection Bureau relocated to abolish a few of the laws built to protect borrowers. We talked with Associated Press company reporter Ken Sweet about payday financing along with his reporting on feasible changes to customer security laws.