Only in Washington would some politicians even consider a calculus that places the demands of special interests above the compelling needs of both the nation's military preparedness and the well-being of the nation's defenders themselves.
Payday loans and other abusive high-interest loans targeting the working poor are one of the scourges of our financial system. And the technology of big data made it easy to both find new victims and largely hide the identities of the payday lenders.
Reining in the payday loan industry has been in the works over at the CFPB for a while now, and it's not a moment too soon. Why isn't there national regulation? Although some people are willing to do so, liberals believe that our country cannot permit such behavior.
The economic recovery has not benefited Americans equally. We all know that. But few facts underscore that point more clearly than the startling number of consumers whose financial futures have been put on hold by subprime credit scores.
Low income working families seeking to simply pay the bills confront an array of challenges these days. "Payday lenders" are taking advantage of a borrower's precarious financial state and profit from pushing low-income families deeper into debt and poverty.
Many consumers who can afford loans are denied the services they need and left in the hands of predatory lenders. Credit unions, as nonprofits with a commitment to their communities, are the right ones to bridge the divide.
Earlier this summer, CFPB Director Richard Cordray named Patrick O'Shaughnessy, the CEO of Advance America, one of the largest payday lending chains in the country, to an Advisory Board position at the CFPB.
Academics and industry spokespersons quibble over whether the payday customer base is really middle class or simply the working poor. Such pedantic squabbling misses the big picture. More and more families are living on the edge.
The premise is simple: borrow the amount you need plus a fee per $100 borrowed now, pay it back when your next paycheck arrives. Unfortunately, what often ends up happening is that the borrower can't pay back the amount borrowed within 14 days.