WASHINGTON (Reuters) – profits when it comes to $6 billion cash advance industry will shrivel under an innovative new U.S. guideline limiting loan providers’ ability to benefit from high-interest, short-term loans, and far associated with the company could go on to little banks, in accordance with the country’s consumer financial watchdog.

The customer Financial Protection Bureau (CFPB) released a regulation on Thursday lenders that are requiring figure out if borrowers can repay their debts and capping the amount of loans loan providers make to a debtor. Continue reading →