Joints?
March 19, 2010 | alternatives, federal legislation, industry | Comments (0)From The Nation:
Two important positives in Dodd’s bill, however. He appears to have closed the carve outs in the House bill that put nonbank lenders, like auto dealers and payday joints, beyond the new regulator’s reach.
(My bolding) The House bill did not put payday lending beyond the new regulator’s reach. The House bill is vague and seems to give a stand alone CFPA authority to regulate almost anything.
CFSA’s position is clear. The industry is regulated by the states. The regulations are working. Federal regulation should focus on preventing another financial meltdown, not regulating what are on average $345 loans.
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