Recently the Consumer Financial Protection Bureau (CFPB) proposed to reexamine the role of payday lenders, which are consistently cast as the villains of the financial industry. Such a depiction makes it easy to forget that these lenders are helping millions of Americans solve very real financial problems each year.
The demand for small-dollar loans won’t disappear even if we close off the legal avenues to access them. That’s why CFPB’s new proposal is a clear win for consumers, as well as for evidence-based policy.
Read more at Mercatus.org