The regulations were unveiled in October by bureau director Richard Cordray, whose resignation last week set off the succession battle. The rules also would limit the number of payday and auto-title loans that could be made in quick succession to an individual borrower to three. of America said payday loans are used by about 19 million households to meet budget shortfalls or unexpected expenses. Allied Progress, a consumer watchdog group, said the six lawmakers have received $471,725 in contributions from the payday lending industry during their congressional careers. But he said lawmakers could use the Congressional Review Act to repeal recently enacted bureau rules.

Source: Los Angeles Times December 01, 2017 18:33 UTC