[gunnut]

I have mixed feelings on payday lenders. They are a lifeline for some folks who have a short-term need for an emergency but the folks taking these loans are not known for their financial prowess.

Also as someone who leans toward libertarian ans state’s rights, I think the Feds should stay out of it.

The CFPB is a terrible government agency. They are “self funding” meaning they use extortion to get lenders to settle on fines for perceived violations to fund their salaries. It is amazing how many “violations” they find to keep themselves in business.

[LostInBayport]

The CFPB is a terrible government agency. They are “self funding” meaning they use extortion to get lenders to settle on fines for perceived violations to fund their salaries. It is amazing how many “violations” they find to keep themselves in business.

I have received two, perhaps three, small payments from companies in recent months with a note saying it is the result of settlement with the CFPB. They do not fill me with joy, because I understand business. It means prices will be raised to compensate for it or businesses may disappear completely. The agency is nothing more than a government extortion machine aimed at the private sector.