White House-opposes payday lender rule exemption

Originally Posted on Reuters.com.  Click here to view original article.

Wed Mar 10, 2010 7:33pm GMT
Reporting by Alister Bull; Editing by Sandra Maler


 WASHINGTON, March 10 (Reuters) - The White House said on Wednesday that it was opposed to exempting payday lenders from new financial rules it is championing to protect consumers.

"We have been clear from the beginning that everyone should have to play by the same clear rules with no loopholes so that there is a level playing field," a senior administration official said.

"Exempting payday lenders who target Americans ranging from college students to the men and women of the military does not meet that test," the official said.