Will Payday Lending Be Regulated?
Felix Salmon comments on the latest bit of financial reform insanity:
It's completely insane that a system which protects the relatively well-off customers of banks might include a carve-out specifically excluding the unbanked from any federal consumer protection.
What's he talking about? Payday lenders, of course, who are in an uproar over the idea that their business ought to be subject to any serious federal regulation at all. Keep your eyes open to see if this piece of the Senate reform package slowly gets whittled away until it's meaningless.