That's really just a game of whack-a-mole unfortunately. There's no way to regulate away all ways a person can be taken advantage of. There isn't even a way for regulators to clearly distinguish between a person being taken advantage of and a person knowingly agreeing to something.
Late fees are a great example actually. I know my bank charges late fees and I know its roughly $35. This new federal rule deems that as me being taken advantage of, but I was okay with the fee as-is. The government somehow decided what was an exorbitant fee and how much it should cost banks to deal with past due payments when a customer is late. How can they really decide that, and why should they try?
> That's really just a game of whack-a-mole unfortunately. There's no way to regulate away all ways a person can be taken advantage of.
That's okay, it's fine to hit a few big ones when it's convenient.
> There isn't even a way for regulators to clearly distinguish between a person being taken advantage of and a person knowingly agreeing to something.
> Late fees are a great example actually. I know my bank charges late fees and I know its roughly $35. This new federal rule deems that as me being taken advantage of, but I was okay with the fee as-is. The government somehow decided what was an exorbitant fee and how much it should cost banks to deal with past due payments when a customer is late. How can they really decide that,
They didn't decide you in particular were being taken advantage of. Just that it's statistically causing people to be taken advantage of.
And what's wrong with them deciding $35 is too much? The change doesn't hurt you.
Late fees are a great example actually. I know my bank charges late fees and I know its roughly $35. This new federal rule deems that as me being taken advantage of, but I was okay with the fee as-is. The government somehow decided what was an exorbitant fee and how much it should cost banks to deal with past due payments when a customer is late. How can they really decide that, and why should they try?