Editorial Board
An Unwelcome About-Face on Payday Lending
Regulators wanted to curb predatory short-term loans. The Trump administration seems to have other plans.
Make them pay, Maxine.
Photographer: Zach Gibson/BloombergIn its seven-year history, the Consumer Financial Protection Bureau has done a lot of good. Among its most notable achievements: Last year, it issued the first federal rule to curb the predatory aspects of the small-sum, short-term credit known as payday lending and to encourage mainstream banks to offer better alternatives.
The bureau, now under new leadership, wants to dismantle the rule before it can fully take effect. Democratic legislators, having gained control of the House of Representatives, should do what they can to resist.