washington lobbyists republican lawmakers gear battle new u.s. regulation likely dent profit billion short-term high-interest payday loan industry consumer financial protection bureau cfpb expect come days release long-anticipated rule curb payday lend final review regulatory agencies conclude three people familiar matter say rule pit country consumer financial watchdog payday lenders say new regulation wipe much establish industry currently oversee state push poor rural customers use illegal loan shark likely part take appropriate action see rule never become effective include possible lawsuit say dennis shaul chief executive community financial service association america cfsa payday lend trade group group say rule-drafting process flaw agency listen borrowers properly process comment letter argument could form basis potential litigation cfpb decline comment procedure final rule public record show closely follow law throughout rulemaking process meanwhile president donald trump republican party say cfpb go far regulations want undo rule legislation recently republicans house representatives add rider amendment spend bill ban cfpb regulate payday loan industry also poise repeal rule congressional review act bar cfpb ever draft similar regulation accord aid lobbyists borrowers take small short-term loan cover emergencies traditionally repay next paychecks loan carry interest rat high 390 percent borrowers become trap devastate cycle take new loan pay outstanding ones cfpb say agency begin draft rule last summer end debt trap require lenders conduct background check show borrowers afford loan limit number loan make single borrower rule expect lot combat debt cycle say karl frisch head ally progress consumer advocacy group opponents sharpen knives impend u.s. payday loan rule