U.S. crackdown on payday lenders sharpens political battle lines

[DemMomma4Sanders]

Source: Reuters

Payday lenders, who have been bracing for new regulation by the CFPB since 2010, when the Dodd-Frank Wall Street financial reform law gave the agency authority over that part of the loan market, disagreed.

The Community Financial Services Association of America, the leading advocacy group for the industry, said the proposal would hurt consumers who rely on the loans as their only source of credit.

"What will happen ... if this rule goes into effect is it will deprive people of this option," CFSA Chief Executive Officer Dennis Shaul said on a media call. Borrowers "will turn to other sources, which are basically loan sharks or ... a loan through the Internet."

The CFPB has become a political hot potato, with Republicans, including presumptive 2016 presidential nominee Donald Trump, questioning its role and vowing to undermine its authority.


Read more: http://www.reuters.com/article/us-usa-consumer-paydayloans-idUSKCN0YO0A4

[yourpaljoey]

1. In a world turned upside down

[AntiBank]

2. Payday lenders should be outlawed, there is no way to spin it any other way IMHO.

Truly they are scum of the earth predators.