Consumer Protection Bureau Going After Payday Lenders
They charge as much as 300% interest and they exploit the poorest people who need loans. Now the Obama Administration is planning on regulating them:
The Consumer Financial Protection Bureau, created after the 2008 financial crisis, will soon release the first draft of federal regulations to govern a wide range of short-term loans.
The rules are expected to address expensive credit backed by car titles and some installment loans that stretch longer than the traditional two-week payday loan, according to industry lawyers, consumer groups and government authorities briefed on the discussions who all spoke on the condition of anonymity because the deliberations are private. Certain installment loans, for example, with interest rates that exceed 36 percent, the people said, will most likely be covered by the rules.
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Copyright 2015 Liberaland
By: Stuart Shapiro
Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.
22 responses to Consumer Protection Bureau Going After Payday Lenders
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tracey marie February 10th, 2015 at 08:04
The rwnj’s will scream and stomp their feet
Hirightnow February 10th, 2015 at 08:43
Soooo…..
It’s Tuesday, then?
mea_mark February 10th, 2015 at 09:17
More importantly, it ends in a Y. Those days really stir them up.
rg9rts February 10th, 2015 at 09:27
Thwack PIQUE
Hirightnow February 10th, 2015 at 14:06
I am sooo gonna lay in wait for you….(how’s things?)
rg9rts February 10th, 2015 at 14:19
Good missed the snow but got a 1 1/2 inches of sleet and looking forward to -4F sunday night….while TM is basking in the 70’s in the Texas sun
tracey marie February 10th, 2015 at 09:04
The rwnj’s will scream and stomp their feet
Hirightnow February 10th, 2015 at 09:43
Soooo…..
It’s Tuesday, then?
mea_mark February 10th, 2015 at 10:17
More importantly, it ends in a Y. Those days really stir them up.
rg9rts February 10th, 2015 at 10:27
Thwack PIQUE
Hirightnow February 10th, 2015 at 15:06
I am sooo gonna lay in wait for you….(how’s things?)
rg9rts February 10th, 2015 at 15:19
Good missed the snow but got a 1 1/2 inches of sleet and looking forward to -4F sunday night….while TM is basking in the 70’s in the Texas sun
Suzanne McFly February 10th, 2015 at 08:44
Good, those places are scum.
Suzanne McFly February 10th, 2015 at 09:44
Good, those places are scum.
Pilotshark February 10th, 2015 at 09:22
very good to see!
you notice lot of these just out side military bases, which means they are there to take advance of the lower ranks.
Pilotshark February 10th, 2015 at 10:22
very good to see!
you notice lot of these just out side military bases, which means they are there to take advance of the lower ranks.
rg9rts February 10th, 2015 at 09:26
The gopee will be against it…it deprives loansharks from making a living..
rg9rts February 10th, 2015 at 10:26
The gopee will be against it…it deprives loansharks from making a living..
fahvel February 10th, 2015 at 09:49
but the small entrepreneurial loan shark wiseguy will then have to go on welfare and suffer the agony of death panels and, oh hell, this is dopey.
fahvel February 10th, 2015 at 10:49
but the small entrepreneurial loan shark wiseguy will then have to go on welfare and suffer the agony of death panels and, oh hell, this is dopey.
Dwendt44 February 10th, 2015 at 12:20
Loooong over due.
Dwendt44 February 10th, 2015 at 13:20
Loooong over due.