The federal war against payday loans has been dealt a very damaging blow. Thanks to the Freedom of Information Act, the data collected by the Consumer Financial Protection Bureau (CFPB) has been made public. It shows that by a staggeringly wide margin, people who use payday loans are happy with payday loans.
This proves beyond a shadow of a doubt that the charges leveled by the CFPB are false. Consumers aren’t against these loans: the only people who don’t like them are bank executives! (more…)