Andrew Duke, CEO of the Online Lenders Alliance, said Friday that the CFPB is right to be “hitting the brakes” on what’s left of the payday rule.
“This was a politically driven rule when it was released in 2017, and now it is an outdated, politically driven rule,” he said in a statement. “While today’s announcement is welcome news, we urge the CFPB to conduct a review of the rule to evaluate its effects on a substantially changed marketplace, and act accordingly based on its findings.”
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