Can You Define “Protection?”
There are just as many definitions for protection as there are opinions about payday loans and the short-term lending industry. What is protection and is it relative? Well, according to the Merriam-Webster Dictionary there are at least 6 ways to define protection but the one that caught my attention is: “supervision or support of one that is smaller and weaker.” So, my initial thought is “yes,” protection is relative because what I believe that I need protection from may be completely different from what you need protection from. My next thought was- why are consumers considered small and weak? We ARE the consumers! If the CFPA is eager to enforce the full disclosure of all financial contracts and associated risks, then-the payday loan industry as an industry would probably rejoice seeing as though best practices already include such conditions. As consumers, we may need guidance, but not protection. You may recall the USDA’s attempt to protect us and our health by creating the food pyramid? The creation of the food pyramid in addition to the promotion of carbohydrates instead of fat was followed by epidemics of cancer, diabetes, heart disease and obesity. Therefore, leaving choices as personal as diet and financial options in the hands of our government just seems a bit absurd to me. I can name hundreds of instances throughout the history of our country in which the government was not only wrong but grossly negligent. However, for the sake of taste, I won’t go there.
It’s no secret that some Congressional leaders have been extremely biased and in my opinion are incapable of assessing the needs of the people. There is a noticeable disconnect between the average consumer and our Congressional leaders. Consumers want rights and government wants to tweak those rights. Too often, their ability to make sound decisions for the people are interrupted by their personal beliefs. What does protection mean to you and what are your thoughts on the CFPA?
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