A manager of a financial services store in Missouri counts cash being paid to a client as part of a loan. The nation’s federal financial watchdog has announced its plans to roll back most of its consumer protections governing the payday lending industry. (AP Photo/Sid Hastings, File)

A manager of a financial services store in Missouri counts cash being paid to a client as part of a loan. The nation’s federal financial watchdog has announced its plans to roll back most of its consumer protections governing the payday lending industry. (AP Photo/Sid Hastings, File)

Financial watchdog to gut most of its payday lending rules

Critics of the industry fear many borrowers would end up renewing the loan over and over again.

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