Understanding non-prime borrowers and the need to regulate small dollar and "payday" loans (Aaron Klein, Brookings)

On May 18 the Consumer Financial Protection Bureau (CFPB) announced a hearing, schedule for June 2, at which it will likely release its long-anticipated proposed rule on the regulation of small dollar credit, often referred to as payday lending. This comes on the heels of Google’s announcement last week that it would no longer allow certain types of "deceptive financial products" for short-term small dollar loans to be advertised on its site using Google AdWords. Google follows Facebook’s earlier decision to do the same. Change in how small-dollar credit is regulated is coming

http://www.brookings.edu/research/papers/2016/05/19-nonprime-borrowers-and-need-for-small-dollar-and-payday-loans