UPDATE 3-New U.S. rule on payday loans to hurt industry, boost banks -agency
October 05, 2017 at 17:54 PM EDT
WASHINGTON, Oct 5 (Reuters) - Revenues for the $6 billion payday loan industry will shrivel under a new U.S. rule restricting lenders' ability to profit from high-interest, short-term loans, and much of the business could move to small banks, according to the country's consumer financial watchdog.