Payday lenders have less than 48 hours to share their opinions with the Consumer Finance Protection Bureau about its proposed reforms. In a nutshell, the Bureau is calling for all U.S. payday lending merchants to ascertain – before any loan is granted – that a borrower has the means to repay the loan in an…
Tag: payday loans
Why the Feds Want Limits on Payday Lenders
The dispute between the Consumer Financial Protection Bureau and payday lenders is kind of like the old Tom & Jerry cartoons. Tom, the angry cat, sets a trap to catch Jerry, the elusive, clever mouse. Jerry finds a way around the trap. Tom improvises and thinks of a new scheme. Jerry adjusts and squeezes his…