While the 2020 hopefuls have been focused on introducing new legislation, the current administration is working to reverse some existing laws. For example, the Consumer Financial Protection Bureau ― an organization established in the wake of the Great Recession to serve as a consumer watchdog ― might soon roll back some Obama-era rules surrounding payday lenders.
The Trump administration, which happens to have a rather cozy relationship with the payday lending industry, recently appointed a new CFPB chief who said the current underwriting standards make it difficult for consumers to access credit. As a solution, she plans to undo the requirement that lenders must first determine whether a borrower has the means to pay back their loan before approving them for one.