Senate Votes to Repeal Trump Rule Helping Predatory Lenders Trap People in Debt
Then-President Donald Trump walks away after speaking to the press before departing from Andrews Air Force Base in Maryland on October 31, 2020.
MANDEL NGAN / AFP via Getty Images
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The U.S. Senate on Tuesday voted largely along party lines to repeal a Trump-era rule that has made it easier for predatory payday lenders to dodge state-level interest rate limits and trap vulnerable, low-income people in debt.
By a vote of 52-47 with Sens. Cynthia Lummis (R-Wyo.), Susan Collins (R-Maine), and Marco Rubio (R-Fla.) crossing the aisle in support the Senate passed a Congressional Review Act (CRA) resolution that would undo the Trump administration’s change, which financial industry watchdogs and consumer advocacy groups have taken to calling the “fake lender” rule.
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