Federal legislation of pay day loans is truly a victory for states’ liberties

Federal legislation of pay day loans is truly a victory for states’ liberties

Why the us government must intervene to limit lending that is predatory

Back in 2014, throughout the very very first period of his hit HBO show “Last Week Tonight, ” John Oliver took in the loan industry that is payday. Boggled by loans that carried as much as a 1,900 percentage that is annual (APR), Oliver offered up a revised form of the “Lion King” theme track. “It’s the circle of financial obligation! ” he sang. “And it screws us all. ” Oliver explained that the outrages associated with the loan that is payday couldn’t be stopped because “they are extremely proficient at avoiding legislation. ”

Any longer. The buyer Financial Protection Bureau (CFPB), the agency faced with implementing and enforcing federal customer legislation, simply revealed a brand new rule establishing, for the first time, uniform nationwide requirements for pay day loans and comparable types of credit. Continue reading “Federal legislation of pay day loans is truly a victory for states’ liberties”