I do not agree with the strategy, but I am not sure I would go to bat for a payday lender even if the owner was a Marine without assessing the fairness and appropriateness of their business practices.
If there are problems with the fairness or appropriateness of their business practices, such issues should be dealt with. I think the issue we see here is that the federal government is taking a heavy handed approach, to try to shut down a legal business, without regard to the issues you mentioned.
I am shocked when I hear about the high interest rates and fees of the payday lenders. But, as long as such businesses are legal, I just don’t see how it’s the business of the federal government to go in and deprive them of banking services.
I agree. My point is whether this is the case to use political capital on. The feds should stay out definitely. It really is a caveat emptor situation.
I would rather the fight be on outrageous EPA regulations where communities are being devastated and energy prices are being artificially driven up.
The best solution to payday lenders is to allow some large brand name competition to enter this market - Walmart is the first name that comes to mind.