Federal Government Proposes New Rules Aimed At Payday Lenders03:36
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A check cashing and payday loan store is pictured in St. Louis, Missouri. (thomashawk/Flickr)
A check cashing and payday loan store is pictured in St. Louis, Missouri. (thomashawk/Flickr)
This article is more than 3 years old.

The federal government is announcing regulations today that would impose new restrictions on payday lending and other high-interest loans.

The Consumer Financial Protection Bureau director Richard Cordray said in a statement that, "too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt."

Here & Now's Robin Young looks at the expected impact of the rules with business journalist Ali Velshi.

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This segment aired on June 2, 2016.

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