The daily business briefing: June 2, 2016

The Obama administration unveils proposed payday loan rules, Saudi Arabia invests $3.5 billion in Uber, and more

Saudi Arabia pumps $3.5 billion in Uber
(Image credit: David Ramos/Getty Images)

1. Obama administration unveiling rules on payday loans

The Obama administration is expected on Thursday to unveil federal rules to extend federal oversight to the $38.5 billion payday lending industry. The rules proposed by the Consumer Financial Protection Bureau would require lenders to assess borrowers' ability to repay, and discourage rolling over loans, which can pile up lending fees. Lenders say the new rules, now opening up for public comment, would gut the industry. Consumer advocates say the rules are necessary to protect borrowers who can be ruined by loans with effective interest rates that can exceed 390 percent.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.