Thursday, June 25, 2020
Bank Regulators are Paving the Way for Loan Sharks, Payday Lenders and Debt Collectors to Gouge Consumers with Sky-High Interest Rates | Better Markets
“Now they have apparently prevailed on the FDIC (and the OCC) to issue rules attempting to nullify the Madden decision. As the court in Madden correctly observed, however, that essentially amounts to an “end-run” around important consumer protections that many states have seen fit to adopt.
At the bottom layer of the credit industry are predators, notwithstanding free market doctrine. They exist partly because of regulation.