Feds' Crazy Plan: Make Risky Loans, Don't Charge For Them

Feds’ Crazy Plan: Make Risky Loans, Don’t Charge For Them by Ike Brannon, Foundation For Economic Education The Government Protects the Poor Right Out of Credit In perhaps the greatest example of wishful thinking we’ve seen in recent times, the Consumer Financial Protection Board Administrator Richard Cordray testified before Congress last month that banks and credit unions should step up their loans to low-income workers with poor credit by creating new products that compete with payday loans. It is a notion that’s completely at odds with the actions of the CFPB, as well as the capabilities of banks and credit…