Five years after the devastating potential of high-frequency trading became clear in a fifteen-minute "flash crash" on Wall Street, the decision to tackle computerized trading with a complex data system rather than a simple tax looks like a failure.
The mobile home industry has been chugging along just fine since new regulations to protect borrowers from predatory loans came online last year, but Republicans are planning to strip the protections at the industry's behest.
Payday loan companies and their supporters offered stiff, knee-jerk resistance to a moderate slate of regulations proposed Thursday by the Consumer Financial Protection Bureau. The industry has gone unsupervised at the federal level for decades, and undermined state regulations at every turn.
When companies switch from normal paychecks to electronic payroll debit cards, employers save money -- and expose their workers to bank abuses. Federal rules are coming, but some states don't feel like waiting.
Montel Williams has been the face of MoneyMutual since 2009. From now on, his ads for the payday loan facilitator will feature a disclaimer warning New York residents not to bother applying because the loans in question violate state law.