By Charlene Crowell
As soon as upon a right amount of time in Washington, Congress enacted the Dodd-Frank Wall Street Reform Act which also developed the customer Financial Protection Bureau (CFPB). A federal agency was charged to be the consumersвЂ™ вЂfinancial cop on the beatвЂ™ for the first time. With its first four years, CFPB received 354,600 consumer complaints that resulted in $3.8 billion in restitution.
However now, under different management deregulation has swung the general public policy pendulum within the other direction. an effort that is bold gain company and commerce is targeted on growing clients while using the teeth away from customer security using the blessings of federal regulators.
Payday loan providers are one of the biggest beneficiaries for this policy about-face. Rather than a string of state legislative initiatives, favorable federal regulators are improving to greatly help these predatory loan providers aided by the cooperation of banking institutions.
On Feb. 5, a panel of general public policy specialists testified ahead of the U.S. Read More