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Regulators in U.S. and Canada cracking down on payday lenders Add to ...

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Regulators in both the United States and Canada are cracking down on the payday loan sector amid mounting criticism that onerous fees are sending consumers into a “debt trap.”

In the United States, the Obama administration proposed new federal rules Thursday to regulate payday lenders, including requiring more verification of a customer’s ability to pay back their debt and tighter limits on the number of times someone can renew their loans.

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