The drilling rig Polar Pioneer outfits for Arctic oil exploration in 2015. A proposed rule from the Trump administration would force banks to offer financing to oil companies, gun-makers and high-cost payday lenders, even if the banks don't want to. Elaine Thompson/AP hide caption
payday loans
A manager of a financial services store in Ballwin, Mo., counts cash being paid to a client as part of a loan in 2018. Consumer groups blasted a new payday lending rule and its timing during a pandemic that has put tens of millions of people out of work. Sid Hastings/AP hide caption
The Military Lending Act caps annual interest on loans to military members at 36% and offers other safeguards. Now, lawmakers are proposing to extend that protection to veterans and others. Sid Hastings/AP hide caption
A Transportation Security Administration employee stands at a booth to learn about a food stamp program at a food drive at Newark Liberty International Airport, on Jan. 23, 2019, in Newark, N.J. A number of new rules and actions proposed by the Trump administration could affect poor or low-income people who use government safety net programs. Julio Cortez/AP hide caption
Consumer Financial Protection Bureau Director Kathy Kraninger speaks to media in Washington, D.C., in December 2018. Carolyn Kaster/AP hide caption
More companies are stepping in to help their workers with a much cheaper way to get some emergency cash than payday loans. MHJ/Getty Images hide caption
The White House is proposing changes to the Military Lending Act that critics say would leave service members vulnerable when they buy cars. David McNew/Getty Images hide caption
Comptroller of the Currency Joseph Otting, a former bank executive, is testifying before Congress this week about reshaping some banking rules. Alex Brandon/AP hide caption
Former Banker, Now Regulator, Wants To Allow Banks To Make Payday-Style Loans
The Rev. Sekinah Hamlin (left) of Greensboro, N.C., and the Rev. Dr. Jack Sullivan Jr., of Findlay, Ohio, were among the faith leaders protesting outside the payday lenders conference near Miami. Greg Allen/NPR hide caption
Office of Management and Budget Director Mick Mulvaney is also the interim director of the Consumer Financial Protection Bureau. Carolyn Kaster/AP hide caption
Mick Mulvaney, a former Republican lawmaker and current White House budget chief, was also picked as interim head of the Consumer Financial Protection Bureau. Astrid Riecken/Getty Images hide caption
Under Trump Appointee, Consumer Protection Agency Seen Helping Payday Lenders
A woman enters an All American Check Cashing location in Brandon, Miss., in May. The Consumer Financial Protection Bureau has proposed new rules to crack down on such lenders. Rogelio V. Solis/AP hide caption
Gordon Martinez (left), leader of the group Faith in Texas and payday loan borrower, marches before a Consumer Financial Protection Bureau field hearing in Kansas City, Mo., on June 2. Wes Helm/Faith In Texas hide caption
Payday lender ACE Cash Express is seen on San Mateo Boulevard in Albuquerque, N.M. High-interest lending practices are being targeted by new federal regulations. Vik Jolly/AP hide caption
The Google logo is displayed at the company's headquarters in Mountain View, Calif., in 2015. Justin Sullivan/Getty Images hide caption
Maranda Brooks stands in January outside a payday loans business that she used to frequent. Troubled by consumer complaints and loopholes in state laws, federal regulators are proposing expansive, first-ever rules on payday lenders, aimed at helping cash-strapped borrowers from falling into a cycle of debt. Tony Dejak/AP hide caption