Editorial Board

Regulate Payday Lending, But Not Like This

The Consumer Financial Protection Bureau's proposals leave vulnerable borrowers at risk.

Experts in behavioral economics.

Photographer: Gary Tramontina/Bloomberg

For the first time, the federal government is creating rules focused on the short-term, small-sum credit known as payday lending. That’s a good idea, but the plan announced by the Consumer Financial Protection Bureau isn’t the way to do it.

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