The Consumer Finance Protection Board, which I am sure you recall was formed in response to the 2008 financial crisis has turned its gaze towards payday lending.
Curious. Borrowers often have to take out new loans to cover interest payments on existing loans. Occasionally, a borrower's profligacy leads to what in other circumstances is called "unpleasant monetary arithmetic." This is when interest payments exceed tax receipts. When this happens to a government, someone has to get stiffed. Often, it's the taxpayer that takes the hit.
I remind you that the borrowing and the interest due is but a symptom. The underlying issue is that borrowers earn too little relative to their expenses. All the CFPB regulation they can muster won't do a thing to remedy the actual problem. All they can do is oblige would-be lenders to accept an otherwise unpleasant BATNA. Which for some people will include repossession, eviction, bankruptcy, or God forbid, turning to organized crime.
Eh, maybe that's the point. Perhaps the CFPB's telos is to punish those wicked citizens who have the temerity to be poor and desperate. If that's the case, this decision makes complete sense. And I'm sure they have all the backing they need from those constituents so blessed by Providence that they never need solicit the aid of strangers.