for more about this, we are joined now from washington by chico harlan of the washington post.o first i guess let's just set the stage here. what qualifies in t his category of loans that the cfpb is trying to regulate? >> well they're actually going after a pretty broad swathe of both short term and medium term loans. generally characterized by very high interest rates and by the target audience or the target consumer which tends to be the working poor. you have two categories pay-day loans which are you know you have a two weeks to pay it back and installment loans which go over a longer period you still have astronomical interest rates and they're paid back over weeks or sometimes months. >> what is the hazard when somebody takes a loan can't take it or pay it back they pick up another loan? >> yeah that tends to be the biggest hazard. it's that these loans are marketed as a two-week fix let's say you have some unforeseen emergency a car accident bills that are larger than anticipated well you go to a payday lending store and you take out a loan with the idea that it will be