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Payday Lenders Plan a Fight After Warren, Sanders Declare Presidential Bids

Payday Lenders Plan a Fight After Warren, Sanders Declare Presidential Bids

Advocates for and against CFPB’s payday financing rules state industry lobbying online installment loans Virginia efforts to intensify in runup to 2020

The payday financing lobby has mostly remained beneath the radar in past election rounds as other hot-button dilemmas like Wall Street legislation and income tax policy took up voters’ attention. However with Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.), both advocates of customer defenses, formally operating for president, the industry is gearing up because of its first big fight that is political the 2020 election period.

The customer Financial Protection Bureau announced on Feb. 6 its intend to gut a signature Obama-era payday financing rule that needed lenders to verify their borrowers will pay their loans on some time nevertheless cover basic cost of living.