The new CFPB director Mick Mulvaney is planning to rollback a key regulation that will allow payday lenders to charge very high interest rates; the current rule was set to be enacted soon and allow for lenders to become compliant by the middle of 2019; the rule limited the amount of money or the amount of times a person could borrow from these short term lenders; with the removal of the rule payday lenders can go back to operating like they did prior to the CFPB; many fear that lower income Americans will become mired in debt. Source.
