Loan Sharks of Tomorrow? FinTech Companies Move to Predatory Payday Businesses
Thomas Jefferson once wrote: “I believe that banking institutions are more dangerous to our liberties than standing armies.” Banking, overall, has been severely toned down from the days of yore. In particular, the focus of regulation has been against the unethical practice of usury. When it comes to the regulation of usury in the United States, it is the states that have the primary powers. They can create legislation on how much interest can be charged legally among other things. However, a queer situation exists when it comes to payday loans or payday advances where the federal....
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