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Thread: Biden CFPB Moving Against Payday Loan Sharks

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    Senior Member PoliTalker's Avatar
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    Biden CFPB Moving Against Payday Loan Sharks

    Consumers can expect:

    "A much tougher environment for payday lenders. Chopra may also revisit a provision requiring payday lenders to verify the incomes of borrowers to ensure they can pay back high-interest short-term loans. The CFPB, alongside other regulatory bodies, already issued a statement in May encouraging financial institutions to provide consumers with small-dollar lending options to lessen reliance on predatory payday lenders, and several banks, including Varo and Bank of America, have complied. These competing offerings, combined with tougher regulation, could drive customers to banks' short-term loan services, endangering payday lenders' business model."

    Biden's bolstered Consumer Financial Protection Bureau takes shape, here's what banks can expect
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    Senior Member PoliTalker's Avatar
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    These crooks have been preying on the most vulnerable for far too long.

    People get started by thinking they are going to just get an 'advance' on their paycheck, and then get caught up the next week.

    But it rarely works that way.

    What it ends up being is the people who are least able to afford any extra expenses end up paying for time itself.

    So you have people on very meager budgets who have to take a big chunk of what little they earn, and give it to the rich loan sharks.

    What a scam.
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    Senior Member PoliTalker's Avatar
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    The money paid to these creeps does not go into the economy. Instead, it goes into the lavish lifestyles of the loan sharks.

    If those on very slim budgets didn't have to pay high interest on short term loans (which stretch into long term,) they would be spending that money on everyday expenses, where those dollars multiply and provide the greatest benefit for the economy.

    Our nation cripples itself by allowing these predatory businesses to operate unhindered.

    People who are indebted to payday loan joints are unable to save or ever able to accumulate enough for a down payment on a home of their own. They are unable to build wealth. All they do with all their work goes instead to increasing the wealth of already rich loan sharks.

    This kind of thing makes wealth inequality even more extreme than it already is.
    Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.

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