By: the Common Constitutionalist
Short term or “Pay Day” loans have really drawn the ire of the peoples’ president, Barack Obama. So devastating are these loans to the poor and otherwise less fortunate, that Dodd-Frank, the gift that keeps giving, created another useful and desperately needed government agency – the Consumer Financial Protection Bureau (CFPB).
The LA Times reported that this began the “first federal oversight of payday lenders in 2012 amid strong criticism of the industry from fair lending and public interest groups.”
Well, I guess my work here is done and my article complete. I mean – the feds created a new bureaucracy to monitor and deal with evil, predatory Pay Day lenders, so – problem solved. Let’s move on to the next crisis.
Oh – it’s not? Let’s continue then.
Pay Day lenders are none too happy with our president – who’s just looking out for the folks and preventing lenders from laying on the “okie doke” to unsuspecting consumers. The Times claims that the “payday loan industry has argued that the loans are an important financial bridge for some consumers and that regulations should not be too onerous.” Just onerous enough I suppose.