Reuters exclusively reports U.S. Democratic lawmakers seek to undo ‘predatory’ banking rule

Reuters reported exclusively that Democratic U.S. lawmakers will seek to repeal a regulation introduced during former President Donald Trump’s administration that they said allows predatory lenders to skirt state consumer protections – a setback for financial technology firms that stand to benefit from the rule. The measure represents the first move by congressional Democrats to try to rescind one of several such regulations that they and advocacy groups have said hurt consumers and increased systemic risks.