Payday lenders expected to face new regulations

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. reportedly will issue guidance to banks this week limiting payday loans and direct deposit advance loans. The regulators will set a limit on the number of loans made to a single customer and require that banks ensure borrowers can repay them. Meanwhile, the Consumer Financial Protection Bureau has issued a report on the problems with such loans and plans to take action against payday loans from nonbank lenders.

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