"Working families deserve a president who will look out for them -- not payday lenders and special interests on Wall Street," she said. conceived, announced a proposed rule covering payday loans, as well as other high-interest lending products like auto and installment loans. The proposed rule also prohibits lenders from making more than two unsuccessful attempts to withdraw money from borrowers bank accounts. The rule takes direct aim at the core business of payday lenders: giving people loans that they can’t afford to pay back without refinancing. This idea, known as “ability to repay,” targets at the cycle of debt that unaffordable payday loans can trap people in.

Source: Huffington Post June 02, 2016 13:15 UTC