Facebook will also create a new subsidiary, Calibra, to build a digital wallet for people to store and exchange the currency using apps.Technologyread more
Experts expect Facebook's cryptocurrency venture to alleviate some security issues, while introducing new ones.Cybersecurityread more
European Central Bank President Mario Draghi defended the tools that the organization has available.Europe Newsread more
Trump's disruptive trade confrontations have sent shockwaves through the business world, while, insiders say, companies may wonder whether associating with the president could...Politicsread more
According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
Wall Street has IPO fever, and Renaissance Capital principal Kathleen Smith says healthy demand for these upstarts should keep the market red-hot this year.ETF Edgeread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump's former campaign chairman Paul Manafort was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state...White Houseread more
Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
WASHINGTON, June 7 (Reuters) - The U.S. Consumer Financial Protection Bureau on Friday said it is once again extending the compliance date for an ability-to-repay provision of a rule cracking down on payday lenders.
Payday firms will now have until Nov. 19, 2020 to begin ensuring borrowers have the means to repay a loan, as well as meet other living expenses, when the loan comes due, typically within 30 days.
Payday loans are small and short-term, typically due with a borrower's next paycheck and often bearing a high interest rate.
The move to extend the compliance date comes after the agency's chief, Kathy Kraninger, issued a proposal in February to seek fresh recommendations on how to implement it.
The CFPB was created in the wake of the 2007-09 global financial crisis to crack down on predatory lenders. While lenders argue that its payday rules would effectively eliminate critical stop-gap funding to borrowers, consumer advocates have long criticized the lenders for saddling borrowers with annualized interest rates that often reach several hundred percent. (Reporting by Katanga Johnson; Editing by Dan Grebler)