In this Thursday, March 26, 2015, file photo, Consumer Financial Protection Bureau Director Richard Cordray, center, listens to comments during a panel discussion in Richmond, Va. The CFPB announced Thursday, June 2, 2016, they are proposing a significant clampdown on payday lenders and other providers of high-interest loans, saying borrowers need to be protected from practices that wind up turning into “debt traps” for many. “Too many borrowers seeking a short-term cash fix are saddled with loans they cannot afford and sink into long-term debt,” Cordray said in a prepared statement. (AP Photo/Steve Helber, File)
