Newly proposed rules aimed at reining in predatory payday lending are "a good first step," economic justice groups said on Thursday, but "worrisome loopholes" must be closed in order to fully protect low-income Americans from financial devastation wrought by the high-interest, low-dollar loans.
No. No. No.
We must keep and encourage these Pay Day lenders.
The Pay Day Lender Industry is the wonderful Debbie Wasserman Shultz's main source of income,
And without Debbie Wasserman Shultz, the Democratic Party could actually become democratic.
Who in their right mind would want such a thing?
The financial services industry has for more than a century demonstrated its expertise at exploiting and circumventing whatever shallow rules the government foisted on it. CFPB's approach to predatory lenders will be no more effective than the past century's now rancid rule stew is or has been.
Structural changes such as the New Deal regulations are the only successful examples of the government controlling the industry. That is why the Democratic Party and GOP get billions of dollars each year from the industry as payback for dismantling New Deal regulations.
The final four paragraphs of this article provide the only viable solution to predatory lending...restore postal banking. Both the New Deal regulations and postal banking proved their viability over a period of several decades. Any alleged effort toward any other alleged solution is effort wasted.
Look if Warren had the courage to stand up to the corporate friendly Dems. she would have done what Nina Turner did.. instead she will side with Hillary and Waserman Shultz and mostly the legal loan sharks that describes pay pay lenders. Liz is dropping quickly in my opinion.
As much as I would prefer postal banking, these regulations are a good first step towards progress and hopefully something that can actually get done in the near future. Getting back postal banking is a long way off. This is decent progress in the interim.
Much more needs to be done, specifically on the back end when these vultures attempt to collect old debts. The FDCPA needs to be greatly enhanced with stiffer penalties. Federal regulators need to be willing and able to go after the vultures for a single violation and not wait until they've scammed thousands of people out of millions of dollars.
Like "incrementalism", "a long way off" in politics means never.
"Its always the right time to do the right thing" - Martin Luther King
And how does Warren propose to make ALL states outlaw predatory lenders along the vein of PayDay Loan companies? Washington State has outlawed them but its neighbor to the east, Idaho welcomes them with open arms...in one small college town in northwestern Idaho (population around 18,000) there are THREE such predatory lenders!
I dont see nothing changing on them evil lenders because the GOP party loves companies that make billions and gives to political campaigns...Both Parties (Wasserman)...A lot of democrats have knuckled under to big money....Hillary and the Wasserman crew......The democrat party is slowly being bought out by the same ones that own the republicans...Only Berine is left and they are going to make sure he dosent get the nomination....I guess we are just fkid..If we get Trump we are doubly fkd....If we get Hillary we are basicly fkd...So get out the grease and daub it in yer hole dont take it dry it hurts....best to grease up and bear it for another 4 yrs....Thats what the DNC is telling us....Eat that shit samich and ask for seconds.