Bloomberg News
A rule that targets payday lending is taking extra time to ensure it is not easily circumvented by bad actors, said CFPB Director Richard Cordray.

Cordray Defends Rulemaking Delays to Senate Panel

The Consumer Financial Protection Bureau is taking longer than expected to issue rules on financial products like prepaid cards, payday loans, and student loans but Director Richard Cordray sought to reassure lawmakers Tuesday the agency would address many of those areas within the year.

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