Federal legislation of payday advances is truly a victory for states’ liberties

Federal legislation of payday advances is truly a victory for states’ liberties

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

Back 2014, throughout the very first season of their hit HBO show “Last Week Tonight,” John Oliver took regarding the payday loan industry. Boggled by loans that carried as much as a 1,900 apr (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 of this cash advance industry couldn’t be stopped because “they are extremely great at avoiding legislation.”

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