A Fox in the Henhouse at the Consumer Financial Protection Bureau
By Liz Ryan Murray
In The Huffington Post
For the 12 million Americans who resort to high-interest, short-term payday advances to make ends meet each year, the loans are almost never intended to be a long-term financial strategy. Instead, they're a quick fix with potentially crippling results. Payday loans routinely carry interest rates of more than 400 percent and have other hidden fees that can drive up costs. Worse still, they leave consumers in a never-ending cycle of crippling debt - taking out new loans just to pay off the fees and interest on previous loans.
In nearly every way, payday loans are the perfect example of the type of predatory and destructive financial service that need to be reigned-in by the Consumer Financial Protection Bureau (CFPB), an independent federal agency formed in 2011. Currently, the CFPB is considering new rules to regulate payday lending and could enact real and lasting changes to give consumers much-needed protections...