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Jan 19 2018 11:03am
so it looks like the consumer financial protection bureau is now doing it's best to protect businesses that screw over the average joe
in this particular case they're looking to ease restrictions on a payday loan industry that's built on trapping poor people in a cycle of debt
no doubt our resident corporate shills will be eager to point out that loan sharks should be able to exploit desperate people if they want to but where does everyone else stand on this matter?

http://thehill.com/policy/finance/369465-new-cfpb-director-puts-target-on-payday-loan-rules

The CFPB finalized the rules on payday lending in October 2017, seven weeks before Cordray’s resignation. The agency said it was acting to prevent predatory lenders from trapping customers into debt they can’t afford to pay, then collecting fees and settlements.

The rule imposes limits on how frequently a lender can offer, collect on and extend high-interest loans with deadlines of only a few weeks. Such loans are marketed toward customers with no other credit or financing options who need to cover emergency expenses.

These loans come with interest rates as high as 400 percent, and borrowers who can’t afford to pay by the deadline are often forced to renew the loan, spiking their total debt to the lender.

The CFPB announced Tuesday, the day the rule entered the Federal Register, that it would allow lenders subject to the payday measure to ask for a delay in complying with the first deadline. Lenders covered by the rule must register with the CFPB by April 16, while the rest of the rule kicks in on August 19, 2019.


-surprisngly even the brietbarts comment section despises the payday loan industry but i think our resident pardians are made of sterner stuff
http://www.breitbart.com/big-government/2017/10/07/cfpb-sparks-anger-pushing-regulation-payday-lenders/

This post was edited by duffman316 on Jan 19 2018 11:17am
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Jan 19 2018 11:12am
Look, we don't have a choice. It's either let these companies exploit poor, uneducated, desperate people to keep them perpetually trapped in the serf class, or we make governmental reforms to give these people an alternative that enables them to become productive members of society, and that's basically communism, so the choice is clear.
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Jan 19 2018 11:13am
We can't have real economic growth if we don't allow lenders to exploit the poor.
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Jan 19 2018 11:14am
They deserve it
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Jan 19 2018 11:15am
Quote (Magicman657 @ Jan 19 2018 12:12pm)
Look, we don't have a choice. It's either let these companies exploit poor, uneducated, desperate people to keep them perpetually trapped in the serf class, or we make governmental reforms to give these people an alternative that enables them to become productive members of society, and that's basically communism, so the choice is clear.


actual excerpt from their training manuals in this industry


imo it ought to be legal at the very least to get a flame thrower and burn down the office of the person who came up with this diagram with them trapped inside it

This post was edited by duffman316 on Jan 19 2018 11:15am
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Jan 19 2018 11:15am
Another issue where mouth breathers will mindlessly follow low info talking points and appeals to emotion instead of thinking a bit.
why take the time to become educated when you can puff out your chest and pretend to be morally righteous?
time and again people show they don't care about finding out if something is actually hurting the poor as long as its in the name of helping them.

This post was edited by cambovenzi on Jan 19 2018 11:15am
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Jan 19 2018 11:15am
400% interest rates.....

lol
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Jan 19 2018 11:17am
Quote (sir_lance_bb @ Jan 19 2018 12:15pm)
400% interest rates.....

lol


If i loan you 100 bucks today and ask for 110 back in a week, can you tell me what the annual interest rate is?
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Jan 19 2018 11:18am
Quote (cambovenzi @ Jan 19 2018 12:15pm)
Another issue where mouth breathers will mindlessly follow low info talking points and appeals to emotion instead of thinking a bit.
why take the time to become educated when you can puff out your chest and pretend to be morally righteous?
time and again people show they don't care about finding out if something is actually hurting the poor as long as its in the name of helping them.


How does this particular consumer protection harm the poor overall?
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Jan 19 2018 11:22am
Quote (cambovenzi @ Jan 19 2018 12:17pm)
If i loan you 100 bucks today and ask for 110 back in a week, can you tell me what the annual interest rate is?


the hackery begins!
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