Trump’s payback for payday lenders

Source: Editorial board, New York Times (Paid Registration)

The federal Consumer Financial Protection Bureau betrayed financially vulnerable Americans last week by proposing to gut rules conceived during the Obama era that shield borrowers from predatory loans carrying interest rates of 400 percent or more. The bureau’s proposal is based on a legally dubious rationale that will surely be challenged in federal court. The agency’s abdication of its mandate to protect consumers underscores the need for state usury laws, which have passed in 16 states and offer the surest path to curtailing debt-trap lending.

Read Full Article: Trump’s payback for payday lenders





Quick Menu

Facebook FTwitter T

Consumer Help Desk