Government Crafts New Payday Lending Regulations

By Hady Mawajdeh,

Published February 24, 2015 at 11:40 AM EST

Troubled by consumer complaints and loopholes in state laws, the federal government is crafting new rules to protect borrowers of payday loans.

The Consumer Financial Protection Bureau is considering placing caps on the number of times a borrower can take a payday loan and requiring lenders to do credit checks. They also want to encourage states or lenders to lower interest rates on loans.

Host Frank Stasio talks with Diane Standaert, director of state policy at the Center for Responsible Lending, about the history and future of payday loans.

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Hady Mawajdeh

Hady Mawajdeh is a native Texan, born and raised in San Antonio. He listened to Fresh Air growing up and fell in love with public radio. He earned his B.A. in Mass Communication at Texas State University and specialized in electronic media. He worked at NPR affiliate stations KUT and KUTX in Austin, Texas as an intern, producer, social media coordinator, and a late-night deejay.

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Frank Stasio

Longtime NPR correspondent Frank Stasio was named permanent host of The State of Things in June 2006. A native of Buffalo, Frank has been in radio since the age of 19. He began his public radio career at WOI in Ames, Iowa, where he was a magazine show anchor and the station's News Director.

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