A dozen Republican members of the U.S. Congress wrote to the bureau last week to suggest five key principles it should follow in adopting rules for payday loans and other short-term lending. First, all rules or regulations for the short-term lending industry should be based on large-scale data analysis and tested research, “not anecdotal or agenda-driven rhetoric.” The bureau also ought to consider the potential impact on small businesses and not impose excessive compliance costs that lessen their ability to provide access to credit to consumers, the House Republicans said. Third, the CFPB also must keep in mind the effects its rules might have on consumers in rural areas and avoid overzealous regulations that can disproportionately harm rural or underserved ...