Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

House panel moves to block Obama regulations on payday loans


WASHINGTON — A powerful House panel is coming to the aid of payday lenders, moving to delay Obama administration regulations aimed at cracking down on the much-criticized industry.

Thursday’s 30-18 vote by the Appropriations Committee would block proposed rules by the Consumer Financial Protection Bureau requiring payday lenders make sure customers are capable of repaying the loans, which typically come with high interest rates and fees.


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