All On the Same Page Now: As Senators, Joe Biden supported bankruptcy reform but Barack Obama opposed it. More recently, the Obama Justice Department concluded that the law's means test did not unfairly treat distressed borrowers.
The Bankruptcy Abuse and Consumer Protection Act became law 10 years ago this week. The law was the culmination of a bipartisan push in Congress to change a system that seemed to encourage bankruptcy filings during a time of prosperity. It is reasonable to ask, a decade later, whether reform worked. more »
Benign Neglect? "Had they wanted to do so, banks might have competed payday lenders out of business a decade ago," says Dennis Shaul, the CEO of the Community Financial Services Association of America.
The Pew Charitable Trusts' Nick Bourke's recent observation that more competition in short-term credit would benefit consumers is correct. But in the relatively unregulated environment that existed before 2013, very few banks chose to enter this market. more »