When Regulators Are Vague?

In a letter to NACHA, Benjamin Lawsky, writes:

“The Department believes these proposals do not adequately address the current abuses of the ACH network by…payday lenders who make usurious loans in and to New York,……..should adopt stronger measures to prevent online payday lenders and others from using the ACH network to violate state and federal laws.”

Like what?  I guess we can call everyone that takes out a loan and ask them where they live?  If someone lives in NY and lies on their application, how is this the lenders fault?

Fine, you can’t charge more than 25% interest in NY, but other states have laws the the books.  Mind your own business Benjamin.  Btw, you don’t work for the Federal government either, so no one cares what you have to say about Federal laws.

by admin

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