Opinion | Payday Lending Survives

Small-dollar borrowing shrank last quarter while Americans were stuck at home, but demand may swell soon as many workers adapt to reduced hours or wages. They’ll have that option thanks to the final rule issued Tuesday by the Consumer Financial Protection Bureau on payday loans.

The new rule replaces a draft by Obama-era director Richard Cordray that would have required lenders to apply a stringent standard for assessing creditworthiness. The bureau found that the proposed rule would have reduced payday loan volume by at least…

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