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Federal regulation of pay day loans is truly a victory for states’ liberties

Why the us government must intervene to limit predatory lending

Back 2014, throughout the very very first period of their hit HBO show “Last Week Tonight,” John Oliver took regarding the payday loan industry. Boggled by loans that carried as much as a 1,900 apr (APR), Oliver offered up a revised form of the “Lion King” theme song. “It’s the circle of financial obligation!” he sang. “And it screws us all.” Oliver explained that the outrages associated with the cash advance industry couldn’t be stopped because “they are extremely proficient at avoiding legislation.”

Not any longer. The buyer Financial Protection Bureau (CFPB), the agency faced with implementing and enforcing consumer that is federal, simply revealed a unique rule establishing, the very first time, consistent nationwide requirements for pay day loans and comparable types of credit. Continue reading