A Top Watchdog Is Rolling Back Payday Lending Consumer Protections

(NEW YORK) — The nation's federal financial watchdog said Wednesday that it plans to roll back most of its consumer protections governing payday lenders.

The move is a major win for the payday lending industry, which argued the government's regulations could kill off a large chunk of its business. It's also a big loss for consumer groups, who say payday lenders exploit the poor and disadvantaged.

(NEW YORK) — The nation's federal financial watchdog said Wednesday that it plans to roll back most of its consumer protections governing payday lenders. The move is a major win for the payday lending industry, which argued the government's regulations could kill off a large chunk of its business. It's also a big loss for consumer groups, who say payday lenders exploit the poor and disadvantaged.