Regulators prepare rules on payday loans to shield borrowers

The Consumer Financial Protection Bureau says state laws governing the $46 billion payday lending industry often fall short, and that fuller disclosures of the interest and fees - often an annual percentage rate of 300 percent or more - may be needed. Full details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans.

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