Will Payday Lending Be Regulated?

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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.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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