Undoing predatory lending laws

[Andypanda]

https://www.nbcnews.com/news/us-news/cfpb-announces-it-will-roll-back-obama-era-restrictions-payday-...

[Anonymous]

Would love to respond but would go on a "rant" and likely would slide over the political line!

[Anonymous]

I want to talk about this but I can't talk about this either, lol!
I expect we will only see more of this from the *ahem* newly redesigned CFPB.

[hollyanimal]

Let people make their own financial decisions 😉

[Anonymous]

Actually lending to people who are a high risk of not paying back what they borrow is generally not allowed. It is due to the impact these decisions have on everyone that people and lenders actions are regulated.
If you apply for a loan from a bank, credit card or mortgage they are required by law to verify that you likely have the financial means to pay them back. The law was simply that payday loans would not be exempt.

[Anonymous]

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@Anonymous wrote:

Would love to respond but would go on a "rant" and likely would slide over the political line!

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+1 for letting @Dinosaur go on a rant and turn this thread into a self-contained 'Combat Zone' like we used to have in Boston. https://en.wikipedia.org/wiki/Combat_Zone,_Boston

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Would love to respond but would go on a "rant" and likely would slide over the political line!

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+1 for letting @Dinosaur go on a rant and turn this thread into a self-contained 'Combat Zone' like we used to have in Boston. https://en.wikipedia.org/wiki/Combat_Zone,_Boston

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Interesting piece of history in Boston MA. Did not know!