Back 2014, throughout the very very first period of their hit HBO show “Last Week Tonight,” John Oliver took from the loan industry that is payday. Boggled by loans that carried as much as a 1,900 apr (APR), Oliver offered up a revised form of the “Lion King” theme track. “It’s the circle of debt!” he sang. “And it screws us all.” Oliver explained that the outrages of this loan that is payday couldn’t be stopped because “they are incredibly great at avoiding legislation.”

Not any longer. The buyer Financial Protection Bureau (CFPB), the agency faced with implementing and enforcing consumer that is federal, simply revealed an innovative new rule establishing, the very first time, consistent nationwide requirements for pay day loans and comparable kinds of credit.