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CFPB Close to Finishing Payday Loan Rules

"The Consumer Financial Protection Bureau says it is in the late stages of formulating new regulations for the payday lending business.

"The announcement, embargoed for release until midnight Tuesday, came as the agency published new research that it's expected to use in writing the rules.

"The research suggests that many consumers who use payday loans do not get stuck in a long-term cycle of debt, but the industry derives most of its revenue from consumers who borrow again and again.