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Federal legislation of pay day loans is really a victory for states’ liberties

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Federal legislation of pay day loans is really a victory for states’ liberties

Why the us government must intervene to limit lending that is predatory

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

Not any longer. The customer Financial Protection Bureau (CFPB), the agency faced with implementing and enforcing consumer that is federal, simply revealed an innovative new rule establishing, the very first time, consistent nationwide requirements for payday advances and comparable kinds of credit. Leer más

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