University of Missouri on the CFPB and Payday Loans
November 24, 2010 | Missouri, Payday lending, regulation | Comments (0)University of Missouri’s Brenda Procter makes some predictions about the CFPB’s priorities and jurisdiction:
…the newly created Consumer Financial Protection Bureau does not have the authority to cap interest rates, as some states have done, but the bureau does have the power to limit the number of loans a person can get as well as other aspects.
Procter goes on to repeat several misconceptions about payday loans, completely ignoring current state regulation, industry best practices and consumer credit needs. Not that we expect much more from these types–just more of the same.
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