Recently, I’ve learned that the government is getting involved more deeply in financial regulation. Now, I’m all for leveling the playing field. My issue is this, as it pertains to payday loans. They want to install “common sense” rules. CRL president Michael Calhoun says that “A 36 percent cap on annual interest for consumer credit […]
Category Archives: Congress
George McGovern on Economic Paternalism
Payday lending has become big. Now, it’s just a matter of taking sides to see who wins. for the middle 80%, these sides are dictated by the press. I came across an interesting post by Fitsnews.com. It centered around an op-ed done by former senator George McGovern. It’s worth reading his biography on Wikipedia, here. […]
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Congress may try and regulate payday loans….out of business
The House of Representatives are putting together a bill that would effectively cap interest rates at 36%. The AP News reports that several shares of publicly held payday and pawn lenders stock price took a hit for a second straight day. Anecdotally, most of the stock market has been taking a hit, so this news […]
