Proposed Payday Loan Regulations

The Consumer Financial Protection Bureau has released new proposed regulations on the payday loan industry.  The new rules include requiring lenders to decide whether borrowers can afford to repay their loans and stopping repeat debit attempts.  The proposal and its impact on Alabama was the focus of a press call held today by the Southern Poverty Law Center and the national "Stop the Debt Trap" coalition.  Officials in Alabama are urging residents to leave comments and experiences on the CFPB's website.