Consumer Protection Bureau to Rewrite Obama-Era Regulation of Payday Lenders

OAN Newsroom
UPDATED 8:24 A.M. PT — Wed. January 17, 2018

The Consumer Protection Bureau says it will re-write the Obama-era rule that cracked down on small-dollar lenders.

One America’s Kristian Rouz explains the government’s latest deregulation effort.

67 Comments on "Consumer Protection Bureau to Rewrite Obama-Era Regulation of Payday Lenders"

  1. Pay Day Loans are Predatory and Prey on the less fortunate ………….

  2. Living in the Times | January 18, 2018 at 12:01 pm |

    Grab some leggings…much more comfortable and stylish. 😉

  3. Mitchell Jennings | January 18, 2018 at 10:38 am |

    Just another example of the President putting the welfare of the American people first through strong protections from these jackals rather than the left encouraging and enabling their slavery tactics.

  4. I know a man and woman who made the disastrous mistake of a Reverse Mortgage. They had a really nice ranch…one dies, the other went to a nursing home for a short period to recover from heart surgery…and the Sick Mortgage Company took it before he could get back home…Stay away from Reverse Mortgages…they are deadly…

  5. I know a man and woman who made the disastrous mistake of a Reverse Mortgage. They had a really nice ranch…one dies, the other went to a nursing home for a short period to recover from heart surgery…and the Sick Mortgage Company took it before he could get back home…Stay away from Reverse Mortgages…they are deadly…

    • How was this the fault of the mortgage company? All terms are disclosed by the lender prior to signing on the dotted line. That aside, read the fine print and don’t get a reverse mortgage.

    • How was this the fault of the mortgage company? All terms are disclosed by the lender prior to signing on the dotted line. That aside, read the fine print and don’t get a reverse mortgage.

  6. ROMANS 13:8 says – “Owe no one anything but love…” If you don’t have the money for something…don’t buy it. If it’s a medical emergency…that’s the only time a credit card would be acceptable.

  7. ROMANS 13:8 says – “Owe no one anything but love…” If you don’t have the money for something…don’t buy it. If it’s a medical emergency…that’s the only time a credit card would be acceptable.

  8. There is a lot of misinformation regarding payday lenders. First and foremost, it is not the lenders forcing people to come to them for loans, borrowers come to them. Second, the borrowers typically have no other option other than a payday lender. However, it is not the payday lender who put them in that position in the first place. Third, relative to a bank overdraft charge, payday lenders are inexpensive. A $35 fee on a $10 overdraft charge is a lot.

  9. There is a lot of misinformation regarding payday lenders. First and foremost, it is not the lenders forcing people to come to them for loans, borrowers come to them. Second, the borrowers typically have no other option other than a payday lender. However, it is not the payday lender who put them in that position in the first place. Third, relative to a bank overdraft charge, payday lenders are inexpensive. A $35 fee on a $10 overdraft charge is a lot.

    • Overdraft charges are what caused what I like to call the $70 taco. Wrote checks for bills, bought a taco with a debit card, caused an overdraft that was charged twice because they tried 2 times to get the check through….I was not smart

  10. DCBlueBlood | January 18, 2018 at 8:59 am |

    Crooks helping Crooks … Payday loans preying on people’s misfortune.

    • How so?

      • DCBlueBlood | January 18, 2018 at 9:43 am |

        Look at the Interest they charge —

        • What about it? The rate is less than most bank overdraft charges. It is also disclosed prior to the borrower taking the loan.

          • True: it is disclosed. However, the language is very difficult to understand. The gotchas and fees are also listed, but many times the conditions for the gotchas are so convoluted that the target market has no real hope of understanding the full implications of what they are signing. The real mathematical impact is insanely bad.
            I’m all for people taking responsibility for their own stupidity, and for the freedom for businesses to do what they do with as little regulation as possible, but payday lenders are businesses that stretch that tolerance.

          • Well, it is the government who approves/disapproves disclosures. That said, rate reflects risk (as it should) and I don’t see anyone else stepping in to lend to these people.

        • What about it? The rate is less than most bank overdraft charges. It is also disclosed prior to the borrower taking the loan.

      • DCBlueBlood | January 18, 2018 at 9:43 am |

        Look at the Interest they charge —

    • How so?

  11. NO! These crooks destroy families a prey on the poor.
    Trump should never associate himself with letting these thieves back on the street.
    It’s disgusting!

  12. Living in the Times | January 18, 2018 at 6:35 am |

    So, am I understanding this article to say that the Trump admin is LIFTING the regulations on the easy cash lenders????

  13. Living in the Times | January 18, 2018 at 6:32 am |

    Obliterating the horrendous Obamarama era one regulation/law at a time!

  14. ImStillaYankee | January 18, 2018 at 6:08 am |

    Not much different than going to Joey Bats the local loan shark (his last name isn’t really Bats it’s just a hint at what awaits if you’re late!) except 1 is called legal & will ruin your life & the other is illegal & May ruin your health.

  15. Donald York | January 18, 2018 at 4:35 am |

    These lenders are nothing but loan sharks. They will keep you indebted to them

  16. antiliberal00 | January 18, 2018 at 3:15 am |

    The entire bureau is unconstitutional and should be completely shutdown.
    It is NONE of the government’s business what you purchase, how much and when.
    The entire lot of them have only one purpose, to violate your 4th amendment right to privacy.

  17. Folks must be desperate to borrow money from these lenders outrages interest, it a pay day for lenders mentioned in this discussion. or just do not care how badly they are ripped off.

  18. No1Familiar | January 17, 2018 at 8:16 pm |

    CFPB needs to be dismantled. It was created solely as a slush fund from which bureaucrats could pick and choose winners in the private market and punish those they don’t agree with.

  19. “Live below your means” is good advice to give and good advice to receive.

    • I’d have been better off if someone told me that 25 years ago, then reinforced the point with a 2×4….come to think of it, I was told. I just need a good smack in the head to get the point sometimes

  20. Arnold Maize | January 17, 2018 at 5:35 pm |

    They also need to get rid of reverse mortgages. They are basically predatory lending companies

    • Daniel Shays | January 17, 2018 at 6:27 pm |

      It works for some people.

      • Bal Doneusa | January 17, 2018 at 9:31 pm |

        Yes, it does. That is one reason there are so many other options out there, also. It does give a person the option to use their funds as they please. I choose not to use a reverse mortgage, mainly because, I do not need a steady monthly supplement. I chose a “line of credit” on my home. Only, use what I need or want to; pay interest only plus pay down the principal.

      • It didn’t work for the widow who recuperated in a long-term facility and found her home had been claimed and sold before she was released. Pay attention to the loan rule …”as long as one of the lenders is residing in the home” …. Who determines how long that resident can be absent before it reverts to the loan company?

      • Arnold Maize | January 18, 2018 at 7:19 am |

        The fees are super high and the basic cost of getting your home up to code is crazy. I know of a couple that got a reverse mortgage and had to get their house up to code at the cost of 22K (but, of course, it was added into the reverse mortgage) and then the fees ate them up. When they passed 3 years later, their children had to pay off 60K to get their house back.

        READ THE FINE PRINT! In my opinion, it is Predatory Lending.

        • Daniel Shays | January 18, 2018 at 4:47 pm |

          As I said, it works for some. And 60k to get the house back? The house was already sold to the bank, so they’re lucky the bank let them buy it back.

  21. The States should be the ones regulating this industry. Interstate banking, that’s another animal altogether.

  22. Vera Orsova | January 17, 2018 at 2:14 pm |

    In the good o’le days, loan sharking used to be against the law

    • Bal Doneusa | January 17, 2018 at 9:44 pm |

      Talk about loan sharking…have you checked the back of your credit card statement? Got notification from one “affiliate” card where the interest ranged from 15.4% to 39.9%. For the past 20+ years, I have not paid one penny in credit card interest. I use the card for my convenience and pay them off monthly.

      • I finally got to the point of getting rid of them altogether. There is nothing I want from a credit card that is not supplied by my debit card and none of the extra benefits like miles or discounts is worth the risk of playing with those snakes. Never again.
        “The Borrower is Slave to the Lender”.~ Proverbs
        I’m slowly getting away from that bondage, slowly but surely and will NEVER go back

      • Vera Orsova | January 18, 2018 at 2:32 pm |

        Same here. Buy only what I can afford and pay off the bill the day it arrives. And, get 1% of the overall charge back, so I am, sort of, ahead of the game.

      • TexanForever | January 18, 2018 at 6:55 pm |

        A credit card should be for emergency backup.

  23. ah, well…the old subject of Usury rears its head. I do lean more toward protection from predatory lending practices. I do not wish to see the large banks allowed to do it, much less the local store front. I would suggest this falls under a governments duty to regulate commerce.

    • as opposed to the subject of Ursury, which would be cruelty to bears. I am against this also 🙂

      • ah, damn…I did a quick wiki read as well to try and recall my reading on the entire issue before commenting…they never mentioned the bears! …lol yes, no cruelty too bears … or fishes. I like fishes. I say kill them both quickly if one must, no suffering and dinner too! (;

  24. The average Pay Day lender is akin to the average Pimp.

  25. Freedom means you make your own decision not the government. If you need or want to borrow at those rates, it should be your choice. Liberals always choose to be stupid and they have the absolutely right to it.

  26. Alan Lindquist | January 17, 2018 at 11:57 am |

    about time…..

  27. Pay day lenders are parasites and the fools that use them deserve to be fleeced.

    • They are the equivalent of a parent, They will screw the finances up of anyone that has screwed up their own finances to the point they have to use a payday loan.

      • We have become an instantaneous society. We want everything that we want NOW! Credit cards and even worse payday loans keep people in poverty, living pay day to pay day and dividing everything that we make into payments and paying interest on every borrowed dollar. Do you have a 401K? If not why not? Because every dime you make goes to payments is why. If the company stops overtime you are done. If you stopped traveling for mileage you are done. When you forced to retire you can not live on Social Security and you will be really done.

  28. If I can’t afford it….I don’t need it.

  29. 🐯 TigerBear 🐻 | January 17, 2018 at 10:16 am |

    The mafia gave better loan rates. 😮

    • No, the mafia you don’t even want to mention. They lend you 100.00 and they want 10,000 back

  30. What???? Did I fall asleep during the boring video. Just what policies were changed and why. Of course we all know that folks who need some extra money to make it next payday should march right down to Payday loans and borrow a couple hundred bucks at 50% interest!

    • No, it is at 10% for a two weeks period, where you have to pay it back or keep on borrowing. 50% tells me that you don’t know what you are talking about, but nevertheless want to express your opinion anyway. But people don’t need a government telling them what they can or cannot do with their money or borrowing. Aspiring socialists are always looking for some kind of government overseeing everything they do as the hooker who needs a pimp.

  31. Lesson should be … if you need to borrow money til your next paycheck you either need to cut expenses or get another better paying job. NEVER BORROW LIKE THAT!

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