Payday lenders may benefit from President-elect Trump's victory, as unified Republican control of the federal government poses a threat to the payday lending rule proposed in June by the Consumer Financial Protection Bureau.
Congressional Republicans have said the rule is a top target, and they have several means of stopping it, although advocates of the rule won't let them do so without paying a price.
The rule, which was proposed in June, is "dead in its tracks," predicted Allan Kaplinsky, the head of consumer financial services practice at Ballard Spahr, which represents some firms in disputes with the CFPB.
Speaking in downtown Washington Thursday, House Financial Services Committee chairman Jeb Hensarling mentioned the rule as one of two major financial rules "promulgated by the unelected and the unaccountable" that he hopes to work with Trump to reverse.
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