Financial Reform and Payday Loans
Date: Thu, 07/15/2010 - 12:50
The Senate approved the Financial Reform bill today! This bill will provide a Consumer Financial Protection Agency that will oversee Mortgages, Credit Cards and, yes, Payday Loans!
I am going to take a wait and see approach to this but I think regulation of the predatory lenders, a group that many, but not all, of of these lenders belong, will put many out of business! Many lenders have said that regulation will make it impossible to operate! This, in my opinion, is absurd! I think what they are really saying is that it will make it difficult for them to rake in money and hide it overseas! Many lenders exist within state laws with no problems whatsoever! In Florida, Amscot thrives on a ten percent loan cap as do others in other states. Lets hope that this bill puts an end to your predatory lenders once and for all! They sure have their work cut out for them!
I am going to take a wait and see approach to this but I think regulation of the predatory lenders, a group that many, but not all, of of these lenders belong, will put many out of business! Many lenders have said that regulation will make it impossible to operate! This, in my opinion, is absurd! I think what they are really saying is that it will make it difficult for them to rake in money and hide it overseas! Many lenders exist within state laws with no problems whatsoever! In Florida, Amscot thrives on a ten percent loan cap as do others in other states. Lets hope that this bill puts an end to your predatory lenders once and for all! They sure have their work cut out for them!
So am I! Obama wanted to regulate them in the past but they had
So am I! Obama wanted to regulate them in the past but they had a huge whining lobby that put the bill on the back burner!
we'll see.i know the pdl reforms inAZ,and OH had fierce resisten
we'll see.i know the pdl reforms inAZ,and OH had fierce resistence.in fact the pdl's in those states strongarmed testiomnials out of current customers.i hope this happens.
