Cutting off consumers

Source: Competitive Enterprise Institute
by Daniel Press

“The Consumer Financial Protection Bureau just released a new rule against payday loans, but instead of helping consumers avoid some pitfalls of borrowing, it will create serious problems for them. For starters, in the wake of the Equifax scandal that exposed millions of Americans’ personal data to hackers, the regulation plans to put millions more at risk. The new rule mandates that lenders collect and share sensitive customer data with credit reporting agencies, including Equifax. This unnecessarily puts an enormous amount of customer data at risk, but the CFPB doesn’t see it this way.” (10/11/17)