Recently the Republicans, in the Financial Choice Act have put in a provision that would give consumers more choice: But some people argue that it isn’t about more choice, it’s about trapping people in an endless cycle.
Interestingly enough, the “American Bankers Association. submitted a report to Treasury Secretary Steve Mnuchin last month calling for an end to the CFPB’s proposed payday-lending rules and seeking regulatory changes that would allow banks to issue their own payday loans.”
As usual, follow the money because banks charge insane amounts of “interest” on a bounced check. Yes, they may be called “fees” but in practicality it is the same thing.