Payday loan providers are going for a beating of belated. The news has not put the industry in a positive light from the caustic segment on Last Week Tonight with John Oliver urging potential payday loan customers to do вЂњliterally anything elseвЂќ in a cash crunch to recent news that a New York District Attorney charged a local payday lender with usury.
With all the customer Financial Protection Bureau (CFPB) poised to issue guidelines to rein in abusive payday lending, the timing could not be better. What’s clear now вЂ“ to anyone following these developments вЂ“ is there is certainly a proper significance of strong, robust oversight for the payday financing industry.
Within the last twenty years, these loan providers have actually proliferated through aggressive marketing to economically susceptible families, focusing on people of the armed forces, and …