A Political Assault on Paydays
Obama’s regulators target another industry for extinction.
The Obama Administration has justified its regulatory assaults on for-profit education and coal mining with this nuanced legal reasoning: We don’t like you. Now the Consumer Financial Protection Bureau is looking to wipe out a financial service that millions of Americans need thanks to the lousy economy of the Obama years.
On Thursday the CFPB rolled out 1,300 pages of rules for America’s 20,000 payday shops, which lend small amounts (on average $355) with short repayment periods. The interest rate tends to be $15 per...
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