The financial reform bill’s Bureau of Consumer Financial Protection would consolidate oversight of a wide variety of financial products, including mortgages, credit cards and payday loans. ABC News reports that responsibility for these areas is currently scattered across a variety of government agencies. Experts say that creating a single supervisor will help make financial products easier to understand and not take unfair advantage of borrowers.
That is the extent of the reform bill which is pretty unclear of what the affect will be. However, I own AEA and while I do not like losing money, I feel the concept of this reform to clarify financial products may be helpful.
Without Pay Day lenders,people will be forced to deal with Loan Sharks and the Mob lenders. We all know how loan and the Mexican drug cartel collect their debts. Congress should leave Pay Day lenders alone, if they want, they can license them and make sure they run a legal operation but with out them the Mob will be the only choice.