The Consumer Financial Protection Bureau is inching closer to eliminating private payday lending with restrictive new rules and, some advocates hope, paving the way for the U.S. Postal Service to take over these banking services.
The agency’s liberal supporters, including Sen. Elizabeth Warren, D-Mass., long have wanted to replace the payday lending industry with a government-run alternative. Now, they are pushing to include language in the Democratic Party platform to add banking to the line of services provided by the U.S. Postal Service. -- MORE...
