Fourteen years ago, before buy-now-pay-later apps, before CashApp was mainstream, and when half of Americans still got paid with paper checks, the Consumer Financial Protection Bureau set its sights on storefront payday lenders. A narrow, politically charged rule emerged, crafted in coordination with groups like the trial-lawyer-funded National Consumer Law Center, that never accounted for innovation in fintech or the real-world needs of working families. After a decade of delay and litigation, the CFPB’s flawed small-dollar lending rule is poised to take effect, and its consequences will hit hardest at America’s kitchen tables.
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