Voters Like Payday Lending Protection, Regulators Look For Less

Voters Like Payday Lending Protection, Regulators Look For Less

By Charlene Crowell

When upon amount of time in Washington, Congress enacted the Dodd-Frank Wall Street Reform Act which also developed the Consumer Financial Protection Bureau (CFPB). A federal agency was charged to be the consumers’ ‘financial cop on the beat’ for the first time. With its very very very first four years, CFPB received 354,600 consumer complaints that resulted in $3.8 billion in restitution.

Nevertheless now, under various management deregulation has swung the general public policy pendulum within the other way. an effort that is bold gain company and commerce targets growing clients while using the teeth away from customer security aided by the blessings of federal regulators.

Payday loan providers are one of the biggest beneficiaries of the policy about-face. Rather than a sequence of state legislative initiatives, favorable federal regulators are upgrading to aid these predatory loan providers utilizing the cooperation of banking institutions.

On Feb. 5, a panel of general public policy professionals testified prior to the U.S. Continue reading “Voters Like Payday Lending Protection, Regulators Look For Less”