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-rulesThe 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/Payday loan industry is a tough one. I'd imagine the rates are so high to reduce the risk of losses. They're a lot like junk bonds, you give money to something that probably won't pan out, but if it does your returns are very nice and can offset the losses suffered from other investments failing.
It's not a glamorous business, and interest rates themselves cause goyim to feel morally outraged, but it is what it is.