The CFPB made a big splash last week – perhaps the last of Richard Cordray’s career at the helm – by issuing its long-awaited payday lending final rule. Many observers watching the director for signs he will resign to run for governor of Ohio have speculated he has been hanging on at the bureau until this rule was formally promulgated. Now that it has been issued, the Cordray departure watch will resume. Under the new rule, there’s a full-payment test. Lenders are required to determine whether the borrower can afford the loan payments and still meet basic living expenses and major financial obligations. For payday and auto title loans that are due in one lump sum, full payment means “being able to ...