The CFPB needs to be regulated, we all know this, but right now there are some lawmakers trying to stop them from regulating “Pay Day Lenders”. If there was every an industry that needed regulation, it’s those guys. So we’re perplexed as to why lawmakers would try to stop that. Maybe we just don’t get it. Let us know what you think.
Comments
additional comments on "Here is Where we NEED the CFPB"
Comments are closed.
Congress is controlled by lobbyists and special interest groups, NRA, big pharma, are just 2 examples. Time and time again they act contrary to what the majority of the people are for. No wonder their approval rating is so low.
Kristen Sinema is from AZ and narrowly won her district. Agreed, pay day Lenders are loan sharks. Their behavior is out of control. However, the current Market is allowing the behavior because there is no alternative, or legal alternative. What would be the alternative? Acquiring money from mobsters, thus endorsing racketeering and mafia style neighborhoods to come back in full swing? I'm not saying I have the perfect solution nor am i saying I condone such behavior, but I think we are failing to look at the underlying issue or the root. Why are these places even needed? What's wrong with people that they have a need for such an animal and come to terms with such a thing? Ok, I can understand the person who needs it once in a while, but there are folks who use it regularly. The CFPB, a creation from Dodd/Frank, has a few components that make more sense, and the same goes with Dodd/Frank itself and the same goes with Spammycare. But that certainly doesn't justify it's implementation, IMO. They need to be rolled back and implemented by individuals that actually understand the business model side of things, and given appropriate oversight in a bipartisan manner with a budget and Frank/Dodd should not be left in the FSB's hands. That is an atrocity. When our own Congress and Senate have no power with certain Bills that are incredibly important to the futures of several pillar industries, especially since RE makes up a 1/3 of our economy, begging the FSB for a re-review of certain Bills before they get passed by people who we have never heard of before is beyond frightening, but yet we the people do nothing. We vote people into these positions for the most ridiculous reasons, and that goes for both sides of the fence. There is no real representation of America citizens anymore. It's not what we want, it's what our candidate thinks we need and it's what media tells us is important. We feed on social agenda like a buzzard picking apart a dead animal that hasn't fed in weeks, all the while anything in a fiscal manner is deemed as a fairy tale or "boring". We are our worst enemy. We can't budget our money, so there is a need for pay day loans, all the while knowingly getting ripped off to get fronted money.
I think the general public is getting a good view of who these politicians really are, particularly during this election cycle. These politicians are behaving in a despicable manner, showing that they could care less for the public and continue serving their own interest on our dime. Now they are going out of there way to protect these thieves and leeches who are preying on the neediest people. Shame on them for abusing the power we give to them.
A business charging $15 to loan someone $100 for seven days doesn't seem that absurd to me. After all, isn't the real problem that someone needs to go to a high fee lender to borrow $100? If that person's credit is so bad that they can't get a credit card with better rates then this seems to be a justifiable fee from the lender. After all, this is a relly high risk loan.
Good Morning Gents – I know you both make pretty good money. However these places help the poorest of the poor who are starving and need food or pay a bill to get to the next pay check. They have families and there is nothing in the cupboards at home. The food lines are not enough food to feed a family for maybe a day or 2 not 2 weeks. I agree the rates they charge are insane for these short term loans. However for some of these families that use these services regularly it is the difference between families eating and somebody going out and robbing some one else to feed their families. I know because I see these families in line all the time taking these loans. You will see them 25 minutes later coming out of a local store with a lot of food or filling their cars with gas. They are buying diapers, bread, peanut butter and the very basics and the cheapest foods they can find to get buy. These pay day loans are helping those who make minimum wage and are part time. You want someone to blame – Blame Governor Brown, ALL OF CONGRESS, and President Obama. Per the US Dept of Labor, California has the greatest number of non participation in the work force. There are currently over 100 million people in this country not working. During Brown and Obama’s terms in office this number has gotten dramatically worse. Per the US Dept. of Labor we are at 62.90% participation rate. That is close to 40% of this country’s labor force NOT WORKING. This country is in terrible shape and it is not getting better any time soon. We need a new Governor and a New President and both should not be democratic because they are destroying this State and this country.
I don’t need the CFPB to protect me. I am straight commission a payday loan is quick and easy and frankly I prefer it to my line of credit, which I seldom use.
Websters should simply redefine the word lobbying, from one with any semblance of a positive connotation, to one that simply says, “a legal form of bribery, indeed the bane of capitalisms existence.”
Maybe money management should be a REQUIRED course in high school. If mom and dad had to use these lenders because of lack of management skills, maybe the kids don't know how to do any better or differently.
I know a person who has to use Payday lenders to make payroll at times for her small business. Sometimes people don’t pay her at times and so the only way to make payroll and keep her employees paid is via Payday (check cashing) places. Let the free markets work and people use payday lenders for their needs. Sometimes, people don’t think about the “big picture”. This is a perfect example.
We don’t need big brother looking over our shoulder!!! NO CFPB!!!
Is Cordray arguing against his own existence? Need a show on this…. http://www.dsnews.com/news/03-09-2016/cfpb-director-mortgage-credit-is-still-too-tight-in-my-view
It is interesting to note that those who complained about the CFPB interfering in their ability to make a living are now wanting the CFPB to regulate others. In the end I think the CFPB and the government should be absent from any interference in one's personal decisions. Unless current law makes payday loans mandatory then why do you care? You can't yell about a free market and then demand regulation for someone else. Beware the unintended consequences of your self-righteous rants about regulation. However egregious you may find the fees, pay day loans serve a purpose.