Congress still debating on the financial regularity bill that will create all sort of government rules to regulate the wall street and the lending institutions including the payday lenders.
The more details of this bill is to be announced soon but it basically puts rules and regulations limiting operations for many lending institutions and since actual payday lenders are considered among lending organizations, they could be effected.
Some argue this bill could be more harmful to the economy than helpful. That it could limit credit, and prevent cash flow to working class. Many working class families rely on personal payday loans to get by and pay their bills in order to avoid late fees, over draft fees, and collection fees, and other financial difficulties and to preserver their credit scores.