Payday lending

Many government employees are turning to alternative lenders to bridge the gap between paychecks; the average pay at the biggest U.S. banks rose by just 3% last year, well below the CEO rate.

Readers react to Sen. Elizabeth Warren's investigation into former acting Consumer Financial Protection Bureau Director Mick Mulvaney's job talks, weigh Rep. Alexandria Ocasio-Cortez's potential impact on the Financial Services Committee, consider the future of cryptocurrency and more.

The agency is expected soon to propose a revamp of the 2017 regulation that would eliminate the ability-to-repay provisions, which small-dollar lenders saw as a direct threat to their business.

A bipartisan bill stirring in the Senate would prohibit lenders from mailing unsolicited checks that can immediately be converted into high-interest loans. Consumer groups call the loans predatory, but lenders say they are a lifeline for cash-strapped households.

Maria Vullo is stepping down as head of New York's banking and insurance regulator after three years in which she created a national model for cybersecurity regulations at banks and fought back against federal attempts to chip away at payday-lending rules.