Google announced Wednesday it is banning advertisements for payday lenders from its search engine, a move the association representing the industry called "discriminatory."

In a blog post, David Graff, director of global product policy for Google, said the search engine is banning ads for loans where repayment is due within 60 days of issue. It is also banning ads for loans with an APR of 36 percent or higher. The ban will take effect July 13.

Payday lenders have long been accused of preying on the poor by providing loans with exorbitant interest rates. The Consumer Financial Protection Bureau has proposed new rules for regulating the industry. Google already restricts how payday loan ads are displayed in search results. The ban is the next step in what the company says is its attempt to protect its users.

"When reviewing our policies, research has shown that these loans can result in unaffordable payment and high default rates for users so we will be updating our policies globally to reflect that," Graff said. http://bit.ly/1s0MOwQ

The Community Financial Services Association of America—which represents payday lenders—issued a statement calling Google's decision "discriminatory and a form of censorship." The group said the Internet is meant to express the free flow of ideas and enhance commerce.

"Google is making a blanket assessment about the payday lending industry rather than discerning the good actors from the bad actors," the association said. "This is unfair towards those that are legal, licensed lenders and uphold best business practices, including members of CFSA."

CFSA added that companies that restrict payday loan advertising are actually doing their customers a disservice because some consumers need access to credit they can't get from traditional banks. http://bit.ly/1UVJxe1

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