Random Feed wrote an interesting post today on
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How would you like to borrow money at an interest rate of 500 percent? Does that sound like a raw deal? It does to me, and that’s why I’m happy to see some lawmakers in Madison taking steps to institute common-sense limits on the interest rate imposed by payday loan stores. Wisconsin is one of only a few states in the country that does not impose a cap on the interest rate on consumer loans, after the State Legislature repealed an 18 percent interest rate cap on consumer loans in 1995. Sho

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Random Feed wrote an interesting post today on
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One of the problems with delaying implementation of the various regulatory reforms that are being proposed is that financial services companies are given ample time to get back to their old tricks. For instance, as executive compensation reforms stall in the Senate , Wall Street pay is heading back to pre-crisis levels . And the same holds true in terms of consumer protection. House Financial Services Committee Chairman Barney Frank (D-MA) has had to push back work on legislation creating

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Random Feed wrote an interesting post today on
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by Diora Kroft One of the biggest causes for big banks hating relatively small-sized short-term loan businesses is mostly because the smaller companies are eating away at their ability to have a monopoly on the market — credit cards. Of course, one of the obvious reasons for big financial institutions to take on short-term lenders is that of competition. If people get a short-term loan then they won’t get a bigger long-term loan at the big banks — competition. There is some legislation afo

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Random Feed wrote an interesting post today on
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There’s been a lot of finger-pointing lately about who is to blame for the untenable financial circumstances of many American families. Among the usual suspects–Wall Street quants, fly-by-night mortgage brokers, the households themselves–none is an easier target than payday lenders. These storefront loan sharks are portrayed by their detractors as swindlers preying on the desperation and ignorance of the poor. A payday backlash is already well underway–Ohio recently passed legislation capping

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Random Feed wrote an interesting post today on
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There’s something twisted about the upper crust in America attacking legislation to protect middle class consumers. And that’s exactly what we’re seeing in high roller opposition to a proposed Consumer Financial Protection Agency, to equitable health care reform, to an expanded Clean Water Restoration Act, and to various stimulus efforts in the American Recovery and Reinvestment Act. Of course, the party that brought us to the edge of national bankruptcy would be opposed anything that hinder

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