I was disappointed and furious to read that the Consumer Financial Protection Bureau is planning to undo basic consumer protections around payday loans. I will be submitting a comment to the bureau expressing my disapproval, and I urge all of your readers to do the same.
The Consumer Financial Protection Bureau was one of Washington’s best ideas: A division of investigators specifically built to keep the little guy from being ripped off. Instead, the bureau is now going against the principles that are part of its very name, and doing so for the scummiest actors out there.
Payday lenders target the poor and trap their clients in endless cycles of debt. They collect with the same predatory tactics as mobsters and loan sharks. These are not the kinds of people who the government needs to protect, and they are definitely not who the CFPB should prioritize.
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