The deadline for Congress to kill a rule imposing new requirements on so-called payday lenders has come and gone, according to consumer advocacy groups tracking it.
Resolutions in both chambers would have reversed a federal regulation aimed at making sure borrowers of such short-term loans can afford to repay their debt. Under the Congressional Review Act, lawmakers had 60 legislative days to act from the day the rule was published in the Federal Register. The last day to do so was yesterday.
“By its inaction, Congress has affirmed the need to protect Americans against loans with an average annual interest rate of 390 percent,” said Mike Litt, consumer campaign director for advocacy group U.S. Public Interest Research Group.