The fraudulent and predictor loan industry is UPSET over the CFPB*, because the federal government will not allow them to CON POOR PEOPLE OUT OF THEIR MONEY.
One of the hidden secrets of the Bush financial crises is that all the people who lost homes, also lost the down payments on their homes. These down payments were often 20% of the inflated prices of these homes.
People who want to buy food or shoes for their children, often get payroll loans by writing post dated checks. Then, if the loan is not repaid, they are put in jail for writing a fraudulent check.
Fraudsters can ruin A+ credit by stealing your card information from companies too greedy to pay for proper internet security.
The CFPB is trying to stop these lucrative practices. The semi-legal thieves are UPSET and making ads which imply that no one will ever get a loan ever again.
I know that many of us are unable to control our spending impulses. Now that I can use my bank account as a credit card, I no longer have a credit card. It is my way of protecting myself from myself. (I also keep very little money in my separate debit bank account, as it is stupid to risk the money that you need to pay your rent.)
After watching the Bush financial crises, I believe strongly that the predator loan companies need federal oversight. Those of us who get our credit information stolen are even happier to have federal help to catch the bad guys.
* Consumer Financial Protection Bureau.
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