Credit Regulation One Small Step for Us

Collection and Credit Firms Facing Broad New Oversight - NYTimes.com: "“Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process that we apply to the banks,” Richard Cordray, the new director of the bureau, said in a statement.

The proposal now enters a 60-day comment period. The bureau expects to finalize the rule by July, the two-year anniversary of the agency’s creation."

'via Blog this'

I think it's dandy if there is regulation of credit vampires. The assurance that the regulation will equal that of banks seems like a harbinger of doom. But we are approaching the moon in terms of degree of difficulty, given the recalcitrant GOP. So we should welcome this and hope for its promulgation ASAP. And vote out the permissive when it comes to fraud that benefits the one percent.

Charles Sanders Peirce - Thinking in Threes