Because making money off of poor people (the the bonus of keeping them poor) is the American Way, in the eyes of the Trumpists.
Financial watchdog to gut its payday lending rules
Consumer Financial Protection Bureau is getting rid of a requirement that lenders make sure borrowers could afford to repay a payday loan without being stuck in a cycle of debt, a standard known as “ability to repay.”
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Hmmm. Nothing from your peanut gallery.
So … not really a financial watchdog then, is it?
Yep. Goes well with rolling back big bank restrictions. Got to make sure they can be reckless with not their money, right? Got any more of those payday loans and credit default swaps?https://lh3.googleusercontent.com/5hkJaSpMhv2EUgeOuC1FfBDPN89YmVxEd2-fnGsX104gyPJdIuNaLdNE4xTiN9kYjdPqcQopKjg
Looking at US politics over the past two years is like watching the greatest train wreck movie of all times.
Okay, here’s the peanut gallery comment. So, the Federal government is rolling back it’s regulation and oversight. Okay, but in reading the article, an amazing fact was stated. The payday loans are mostly, aka, regulated already, at the State level. This is how it should be regulated, by the States.
So, if one is to federally regulate payday loans, why not put a cap on credit cards? Seen those rates lately, especially on the poor credit individuals.
I’m not for extortion, but to make it seem that the Trump administration is sole purpose is to keep the poor down trotted is miss leading. If were going to be honest about this, why not bring up high tax rates in those cities were pay day loans are mostly used? Or, the restrictions the Federal government puts on single mothers that receive assistance and can’t make more than a certain amount or they will lose the assistance. To assume that the government can legislate morality is a misnomer at its finest.
@Michael –
1. State regulation is poor and uneven. As financial institutions, these lenders fall within the purview of federal law.
2. The interest rates on credit cards are nowhere near what the interest rates are on payday loans. Nor are the people using payday loans the folks significantly impacted by “high tax rates in those cities”.
3. All law is legislated morality at some level. For that matter, all actions have a moral element to them.
+Peter Lemken and it truly feels like a train wreck,the majority ramping up to get rid of this fool and his administrations backward policies.