The Consumer Financial Protection Bureau plans to restart its aggressive crackdown against payday lenders and other companies that offer high-cost, short-term loans to poor borrowers, after a Supreme Court ruling this week resolved a challenge to the federal agency’s authority to act.
The decision is expected to ease some of the persistent political and legal obstacles at the CFPB, where powerful financial firms had blocked regulations, jeopardized the bureau’s funding and used the uncertainty generated by their battle to ward off recent probes and punishments.
Good. Now someone will come up with profitable, but less predatory, products or find ways to reduce costs.
Capitalism finds a way, three digit interest is not the way.
Why don’t we crowdsource lending with low interest rates on payments distributed between lenders and profits only accrue once all lenders are paid.