A little cash can be costly.
AP Photo/Sid Hastings
Use of installment loans has grown dramatically in recent years – all without the regulatory scrutiny that tamped down on abuses in the payday loan market.
CFPB interim director Mick Mulvaney has brought the bureau to a near-standstill.
The president recently nominated a new permanent director to take over the Consumer Financial Protection Bureau. With the CFPB doing a fraction of the work it did under Obama, what kind of agency will she lead?
Some worry Mick Mulvaney is putting banks before consumers as head of the CFPB.
Mick Mulvaney has only been in charge of the Consumer Financial Protection Bureau for two months, but he's already made many decisions that will leave consumers worse off.
Consumer Financial Protection Bureau Director Richard Cordray, center, plans to step down at the end of the month.
AP Photo/Steve Helber
The decision by the bureau's founding director to step down this month offers Republicans and the Trump administration a chance to finally gut the bureau they've long despised.
Republicans have been opposed to the CFPB since it was created.
Republican efforts to kill a rule designed to make it easier for people to sue banks are a reminder of why it's so important to have a government agency that protects consumers.
Many people see a payday loan as less risky than a credit card.
Image sourced from Shutterstock.com
Before calling for more regulation to combat predatory lending practices, consumer advocates should consider wages and the problem of insecure work.
Every week is shark week in the sometimes shady world of consumer finance.
Consumers will always make 'irrational' financial decisions, but behavioural economics could help regulators improve their education role.