Can you afford that payday loan? Feds say lenders should ask

June 2, 2016 11:13 AM

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The Consumer Financial Protection Bureau will release a set of sweeping proposals Thursday aimed at reshaping the market for payday loans and other types of expensive credit that both the agency and consumer advocates call “debt traps.”

The proposed regulations, set to be released in advance of a Kansas City, Mo., hearing, come after years of preparation by the bureau, which has since 2013 released several reports critical of the payday-lending industry.

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