Sometimes, believe it or not, topping a 300 annual rate. The goal, it says, is to protect consumers from risky financial products. The industry is bigger than many think. Its market size, 39 billion in revenues. According to pew research, about 12 million americans use payday loans every year. There are some 20,000 payday lending outlets nationwide. Even though the practice is banned in 14 states. Thats more than the number of mcdonalds, which is seemingly everywhere, with 14,000 restaurants in the u. S. Heres eamon javers with a look at the proposed rules. Reporter in kansas city, missouri, today the Consumer Financial Protection Bureau announced proposed new rules designed to keep people from getting trapped in a spiral of debt from unpaid payday loans. The bureaus director said the move was designed to protect oftenvulnerable borrowers from what can be painfully high Interest Rates. The very economics of the payday lending Business Model depend on a substantial number of their custo
High Interest Rates. Sometimes, believe it or not, topping a 300 annual rate. The goal, it says, is to protect consumers from risky financial products. The industry is bigger than many think. Its market size, 39 billion in revenues. According to pew research, about 12 million americans use payday loans every year. There are some 20,000 payday lending outlets nationwide. Even though the practice is banned in 14 states. Thats more than the number of mcdonalds, which is seemingly everywhere, with 14,000 restaurants in the u. S. Heres eamon javers with a look at the proposed rules. Reporter in kansas city, missouri, today the Consumer Financial Protection Bureau announced proposed new rules designed to keep people from getting trapped in a spiral of debt from unpaid payday loans. The bureaus director said the move was designed to protect oftenvulnerable borrowers from what can be painfully high Interest Rates. The very economics of the payday lending Business Model depend on a substantial
Hour the nasdaq now negative for the week putting to danger its six straight weeks of gains. The best performing stock on the s p 500 right now ralph lauren, the worst is perrigo. Much more on both of these names straight ahead. I am brian sullivan, melissa, thank you. The Labor Department says more jobs were available in america and more workers were hired in june. The monthly jolts job opening and Labor Turnover survey report says the number of open jobs up 2 from the prior month with hiring up 1. 7 . The trial to determine whether aetnas buyout of humana will go through, the judge in the antitrust case says he expects to rule by midjanuary. The two companies wanted an earlier trial date. Team usa continues to lead the medal count at the rio games. Ten of them are gold, some of them are won of course by Michael Phelps. More on that in a bit. We have a very busy show ahead when we start with two things saying a lot about you, the consumer. They are burgers, and they are bags. Thankful
Proponents argue this deadline is necessary to ensure timely consideration by d. O. E. , but given the departments track record, i find this arbitrary deadline to be completely unnecessary. In fact it could be detrimental to the ultimate approval of an export application. In light of recent events related to the jordan cove application in oregon, do you believe it makes sense to force d. O. E. To hastily make a decision on an application based on the final eis . We have consistently said we see no need for this. By performance. And as youve said, i think very correctly, there can be unintended consequences. The jordan cove, when that was rejected by ferc for nonenvironmental reasons, would have caused a problem with the bills as proposed. So, you know, we really should be having records of decision by ferc in this case or marad for an offshore facility because that is the complete set of information that informs our final judgment. I want to ask you about Climate Change and note that C
Fisher sounded more cautious on tuesday. More voices being added to the flurry. Yields continue to rise today. We have seen the biggest selloff since june in terms of treasury. Alix the yield rally some most since november. Ofaking of the diversion years, Charlie Evans speaking, saying we do not need to hike rates. Eric rosengren saying we can normalize rates. We are nearing our mandates. Federal confusion. Caroline that is going to be our phrase today. Coming up, we will speak about the direction of yields with matthew. Managinggan stanleys director and strategic. He says by the fiveyear the fiveyearbuy treasuries, despite losses. Alix a lot on hold heading into jobs friday. If any action, it will be in the currency market. The dollar is mushy across the board. The pound is higher, moving against the dollar. The yen moving lower. The yen is looking at its first monthly decline versus the dollar since may. Is relative mushiness across the board. Banks doing well in europe. Into the job