Feds seek strict new rules to combat payday lenders' "debt traps"

June 2, 2016 11:13 AM

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NEW YORK -- Federal regulators are proposing a significant clampdown on payday lenders and other providers of high-interest loans, saying borrowers need to be protected from practices that wind up turning into "debt traps" for many.

The Consumer Financial Protection Bureau's proposed regulations, announced Thursday, seek to tackle two common complaints about the payday lending industry.

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