Comments on: “Scheme to rip off consumers” http://paydaypundit.org/2009/03/26/scheme-to-rip-of-consumers/ News and Information About The Payday Lending Industry Fri, 18 Jun 2010 21:33:31 -0700 http://wordpress.org/?v=2.9 hourly 1 By: J http://paydaypundit.org/2009/03/26/scheme-to-rip-of-consumers/comment-page-1/#comment-3449 J Thu, 26 Mar 2009 16:42:59 +0000 http://paydaypundit.org/?p=2782#comment-3449 Why are the Truth in Lending requirements different from one financial institution to another? It's because they are subject to different regulations and regulators, depending the business. This is no excuse for the resulting inequality between competing products. Some banks are offering payday loans and enjoy minimal regulatory oversight of that part of their business. The government was never mandated to decide what businesses should have a competitive advantage and which ones should be subject to comparatively ridiculous overregulation. Why are the Truth in Lending requirements different from one financial institution to another? It’s because they are subject to different regulations and regulators, depending the business.

This is no excuse for the resulting inequality between competing products. Some banks are offering payday loans and enjoy minimal regulatory oversight of that part of their business. The government was never mandated to decide what businesses should have a competitive advantage and which ones should be subject to comparatively ridiculous overregulation.

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