President Trump's administration is planning to loosen the current regulations surrounding the payday loan industry. The CFPB announced that lenders are no longer required to make sure that borrowers "are in a financial position to repay a payday loan." This change is meant to increase the availability of payday loans to consumers. Critics say that the loosening of this regulation goes against common sense.

But others in the industry say that the relaxing of payday loan regulations still hasn't gone far enough. Alan S. Kaplinsky, a partner in Ballard Spahr's Consumer Financial Services Group, said that many payday lenders "would have liked to see a looser payments rule around how frequently a lender can try to tap funds from a linked bank account or debit card."

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