It seems that legislators and special interest groups are always waging war on Payday Loans. It has been this way for years on the municipal, state, and federal levels. Over the last decade, more regulations have been put in place for the private-lending industry than ever before. A new federal watchdog group the CFPB (Consumer Finance Protection Bureau) was even created to oversee this industry.
And how is that working out for them? Well, not the way they would like.
These groups seek to eliminate payday loans, without taking into consideration one important fact – millions of people rely on these loans.
Here’s a more specific example: the State of Ohio vs. Payday Loans