This is great news. The tribes using the sovereign nation model and the offshore based Lenders will get fat on the U.S. consumers denied another choice in solving their financial challenges. Demand for small-dollar loans will not cease; supply will simply be limited. Increases in loan fees and consumer abuse would be the only outcome. All transactions will occur via the Internet.
Big brother at work again. Dictating how we live. This is not Iran or North Korea.
This legislation has zero chance of passing. It’s simply more PR for the Dem’s.
The consumers who actually use these products are not crying out for relief. Even the largest publicly traded Lenders report less than a 1% complaint frequency. This is documented in the 10K conference call any consumer activist can listen-in on if they’re willing to do the “real” work.
Embrace technology and competition to protect and deliver cheaper products to borrowers the world over. Jer – Trihouse (Yes, I’m biased!)
Here’s a link to the Piece. What do YOU think? Leave a comment with a goofy email address :o)