CFPB cracks down on paycheck advance products

The Consumer Financial Protection Bureau (CFPB) proposed a new rule Thursday that would categorize popular paycheck advance products as consumer loans, which the agency says will ensure lenders provide borrowers with key information about costs and fees.

Nearly three-quarters of workers are paid biweekly or monthly, according to the CFPB, and lenders have long bridged the days between when an expense comes due and a worker’s paycheck comes in. 

As inflation has eaten into Americans’ savings and paychecks...