The Consumer Financial Protection Bureau should not reverse a common-sense rule that protects payday lending borrowers.
This month, the bureau proposed rolling back a 2017 rule that prohibits loans to borrowers who cannot demonstrate an ability to pay them back.
That essentially prevents payday lenders from intentionally making short-term loans to weak borrowers then repeatedly flipping the debt to amass extra fees. It was a high-profit racket for predatory lenders before the rule, and it will return if the rule is rolled back.