Battle over payday loan industry begins

June 2, 2016 8:44 PM

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Battling over a proposed new rule on payday loans began Thursday, with supporters saying it would protect needy borrowers and opponents warning it would cut access to credit and threatening a lawsuit.

The plan, open for public comment until Sept. 14, would simultaneously restrict lenders from making repeated debit attempts on accounts of delinquent borrowers, a tactic that adds new fees and charges to the loans. The CFPB also launched an inquiry into open-ended lines of credit and tactics lenders...

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