“Winter is Coming.” – George R.R. Martin, A Game of Thrones
Jeremy Rosenblum of Ballard Spahr published an informative article on what the “payday” industry can expect from the CFPB in 2015 (not 2014), titled “Hints of future payday rule-making.”
CFPB may take a look at:
- required payment plans
- databases
- and multiple loan limits.
At first blush, this not new. What is worrisome is that these rules are not legislated. It’s a small group of people calling the shots. In Richard Cordray’s own words, “grappling with all aspects of this issue,”.
My fear is that the CFPB tries to implement rules that they think are “fair”. My first thoughts, “The road to hell is paved with good intentions.”
Things that are fair on paper, but not real life:
- Communism (Yep, I went there.)
- Airline miles
- The finale of Lost
- The finale of the Sopranos
