A bipartisan group of House members on Friday introduced a resolution to nullify the CFPB's payday lending rules.

The rules, issued in October, but only published on Nov. 17, would crack down on an industry that critics contend charge exorbitant interest rates and fees—trapping borrowers into a spiral of debt.

However, the final rules also carved out an exemption for credit unions making loans based on the NCUA's Payday Alternative Loan Program. Credit union trade groups said the final rules were much better than the proposed rules.

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