Finally, a crackdown on predatory payday loans

The following editorial appeared in the Los Angeles Times on Saturday, Oct. 7:

___

The Consumer Financial Protection Bureau's new rules for payday loans and car title loans have drawn the predictable cries of outrage from lenders, particularly small storefront operators who say the restrictions will put them out of business. And it's an understandable complaint - after spending five years researching the market for high-cost credit, the bureau has fired a shot right at the heart of these lenders' business model.

But the