On February 6, the federal Consumer Financial Protection Bureau issued proposed changes to federal rules regulating payday lending. The current rules contain a provision that requires a lender to ensure that a borrower can afford to repay a payday loan prior to issuing it. This “ability to pay” or “underwriting requirement” standard is a key consumer protection component, and it would be eliminated under the proposed changes. The CFPB’s web page contains a summary explanation. A comment period will begin once the proposed changes are published in the Federal Register.