Payday loan providers are using 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. Utilizing the Consumer Financial Protection Bureau (CFPB) poised to issue guidelines to rein in abusive payday lending, the timing couldnвЂ™t be better. WhatвЂ™s clear now вЂ“ to anyone following these developments вЂ“ is the fact that there was a genuine importance of strong, robust oversight of this lending industry that is payday.
Within the last two decades, these loan providers have actually proliferated through aggressive advertising to economically susceptible families, focusing on users of the army, and profiling African American and Latino communities. Continue reading