Washington Post’s take
March 18, 2010 | alternatives, federal legislation, industry | Comments (0)While emphasizing the need to prevent another financial meltdown, a Washington Post editorial today also says:
Unchecked subprime loans and other poorly understood consumer financial products did contribute to the crisis. More transparency, better enforced by government, would prevent repetition of that. But the causal link between poor consumer regulation and systemic breakdown is less clear. If there has to be compromise to get a bill, this might be the area to seek it.
I’m presuming that because payday loans are the most transparent service in the consumer financial space that they’re talking about overdraft and other services. Yes, let’s have more transparency of everything.
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