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New Study Shows How Overregulating Short-Term Lenders Harms Consumers

We at CFIF have consistently highlighted the peril of federal, state and local government efforts targeting the short-term consumer lending sector.

Less than two years ago, we specifically sounded the alarm on a New Mexico law artificially restricting interest rates on short-term consumer loans.

Well, a new study entitled "A New Mexico Consumer Survey:  Understanding the Impact of the 2023 Rate Cap on Consumers" that surveyed actual borrowers confirms our earlier warnings:

Key findings include:

•Short-term,small-dollar loans help borrowers manage their financial situations, irrespective of the borrower’s income.

•The rate cap has failed to improve the financial wellbeing of New Mexicans, specifically those who had previously relied on short-term, small-dollar loans.


November 27, 2023 • 03:57 PM

Liberty Update

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Notable Quotes
On Public Perception of the Democratic and Republican Parties:

"The two major political parties remain unpopular in the U.S., with 56% of Americans viewing the Republican Party unfavorably and 58% saying the same of the Democratic Party.

"Although both parties are about equally disliked, the public chooses the Republican Party over the Democratic Party by healthy margins when asked which will better safeguard the nation's prosperity and security.

"Fifty-three percent of Americans believe the Republican Party will do a better job of keeping the country prosperous over the next few years, whereas 39% choose the Democratic Party.

"A slightly larger majority, 57%, have greater faith in the Republican Party to protect the country from international terrorism and military threats, while 35% favor the Democrats.

"The latest results are from a Sept. 1-23 Gallup poll in which more than eight in 10 Americans disapprove of the job the politically divided Congress is doing, close to six in 10 disapprove of President Joe Biden's job performance, and nearly three-quarters feel pessimistic about the direction of the economy."

Read the entire article here.

— Lydia Saad, Director of U.S. Social Research at Gallup
— Lydia Saad, Director of U.S. Social Research at Gallup
Posted October 04, 2023 • 07:23 AM
On Rising Stagflation Fears:

"In the three months since President Joe Biden decided to campaign on the glories of 'Bidenomics,' inflation started creeping back up, the unemployment rate rose, and his approval ratings on the economy have steadily dropped. Now, stagflation is back in the news. All of it is leading Democrats to urge Biden to ... shift his messaging.

"Stagflation -- the combination of rising inflation, high unemployment, and a stagnant economy not seen since the disastrous Jimmy Carter years -- is suddenly in the headlines.

"On Friday, for example, CNBC ran a story: 'Stagflation is 'the big bogeyman out there' -- and many increasingly fear its return.'

"The story pointed out that climbing oil prices and 'the specter of higher-for-longer inflation have reignited concern about stagflation risks.'"

Read the entire article here.

— Issues & Insights Editorial Board
— Issues & Insights Editorial Board
Posted October 03, 2023 • 07:42 AM
Reporting on the U.S. Supreme Court's Upcoming Term:

"The Supreme Court justices will take the bench Monday for the first argument of the new term, a year filled with battles over guns, social media and the administrative state.

"The court so far has agreed to hear roughly 35 cases this term, though the justices are all but certain to add more throughout the fall. Decisions are expected by next summer. ...

"Here are the major cases on the Supreme Court's docket this term..."

Read the entire article here.

— Zach Schonfeld, The Hill
— Zach Schonfeld, The Hill
Posted October 02, 2023 • 07:55 AM
On the Biden Administration's Latest Immigration Action:

"The Biden administration recently issued yet another outlandish immigration action, but most Americans likely did not realize it. I'm talking about the Department of Homeland Security's decision to extend and 'redesignate' Temporary Protected Status for more than 700,000 illegal aliens from Venezuela that the Biden administration has already allowed into the U.S. For many Americans, this may sound like a niche policy decision that only immigration policy experts care to discuss. That's what the Biden Administration is counting on. Don't be fooled, this is the epitome of an America Last policy.

"To understand why I am sounding the alarm, it is important to understand the historical misuse of Temporary Protected Status by various administrations since Congress created it in 1990. Under the law, the Secretary of the Department of Homeland Security may designate a country for Temporary Protected Status if there is an ongoing armed conflict, an environmental disaster, or there are 'extraordinary and temporary conditions.' Importantly, such conditions must prevent nationals of that country from safely returning home. Despite the name and congressional intention, there is nothing temporary about Temporary Protected Status.

"Here's why. Once the secretary designates a country, nearly every illegal alien in the U.S. from that country receives a work permit, an exemption from deportation, a Social Security number, and the ability to obtain a driver's license. Prior to President Trump, administrations of both political parties would continuously extend the designation, and the benefits that come with it, using increasingly absurd justifications such as the existence of 'coffee rust' for one country. The 'redesignation,' meaning advancing the cutoff date for eligibility, is blatantly unlawful and functions to benefit the illegal aliens who made it into the U.S. after the initial designation."

Read the entire article here.

— Chad Wolf, Former Acting Secretary of the Department of Homeland Security and Executive Director of the Center for Homeland Security & Immigration at the America First Policy Institute
— Chad Wolf, Former Acting Secretary of the Department of Homeland Security and Executive Director of the Center for Homeland Security & Immigration at the America First Policy Institute
Posted September 28, 2023 • 02:00 PM
On President Joe Biden:

"Well, at least he didn't fall. Or call a black adult man 'boy,' shake hands with an invisible person or lapse into gibberish.

"Joe Biden's visit to a striking United Auto Workers picket line was a success simply because it wasn't overshadowed by one of his headline-grabbing pratfalls that call attention to his age and mental decline.

"Then again, it was hardly the political slam dunk he needs.

"The symbolism of being the first president to join a picket line -- for all of 12 minutes -- only goes so far, even if pictures of him holding a bull horn and wearing a UAW hat and sweatshirt temporarily cheer the union movement.

"More revealing is the panic that led the White House to arrange the event in the first place."

Read the entire article here.

— Michael Goodwin, New York Post Columnist
— Michael Goodwin, New York Post Columnist
Posted September 27, 2023 • 07:03 AM
On a Disturbing General Accountability Office Report on U.S. Military Housing:

"A disturbing report on the quality of living conditions at military barracks, released by the General Accountability Office (GAO), reflects a failure of America's military leaders, who are supposed to look out for and care for the well-being of their people.

"While inspecting 10 barracks, GAO investigators observed numerous potentially serious health and safety risks: mold and mildew, bug infestations, dysfunctional plumbing, no heating or air conditioning, inoperable fire systems, and broken windows. In one case, enlisted troops living in a barracks were told to clean up the biological waste following a suicide in one of the rooms.

"The appalling report comes at a time when our nation's armed services are struggling to meet their recruiting goals. One of the factors attributed to the challenging recruiting environment is the fewer influencers -- individuals who are apt to encourage young people to join the military. These may include parents, relatives, teachers or coaches. However, what parent or other influencer would want their son/daughter/loved one to enlist in the military when they hear about living conditions that you might expect in a third-world country?"

Read the entire article here.

— Rear Adm. (Ret.) Tom Jurkowsky, Author and Board Member for the Military Officers Association of America
— Rear Adm. (Ret.) Tom Jurkowsky, Author and Board Member for the Military Officers Association of America
Posted September 26, 2023 • 08:21 AM
On the Indictment of Senator Robert Menendez:

"The massive indictment of Sen. Robert Menendez (D-N.J.) and his wife has shaken Washington.

"As Senate Foreign Relations chairman, Menendez is one of the most powerful Democratic members of Congress, and someone who has long been a kingmaker in the party. He has also long been accused of open and insatiable corruption.

"What made Menendez a standout in Washington was not his corrupt inclinations, but his utter audacity in following them. I was able to witness that signature conduct personally on the floor of the Senate."

Read the entire article here.

— Jonathan Turley, Shapiro Professor of Public Interest Law at George Washington University
— Jonathan Turley, Shapiro Professor of Public Interest Law at George Washington University
Posted September 25, 2023 • 08:01 AM
On the Left's Legal War Against Basic Election Integrity Measures:

"The 2024 presidential election is over a year away, but the left's legal assault on common-sense election integrity measures has already begun.

"Last month, a district court in San Antonio ruled that Texas cannot enforce the provision of Senate Bill 1 which established a voter identification requirement for mail in voting in Texas. The next day, a district court in Atlanta ruled against Georgia Senate Bill 202's requirement that mail-voters provide their date of birth.

"Although these cases will almost certainly be overturned on appeal, they reveal that there is no election rule or safeguard that the left won't challenge in their efforts to abuse the courts to tilt the playing field in 2024."

Read the entire article here.

— Chad Ennis, Vice President of Honest Elections Project
— Chad Ennis, Vice President of Honest Elections Project
Posted September 22, 2023 • 08:37 AM
On U.S. Attorney General Merrick Garland and the Malfeasance at the Department of Justice:

"You would think that an attorney general who has presided over the embarrassing debacle of the Hunter Biden investigation would express contrition, or maybe a little anger at the underlings who have shamed him, when he is hauled before a congressional committee to explain his failures.

"But alas, Merrick Garland is just another Mr. Magoo.

"His department is ablaze but he knows nothing.

"The nation's chief law enforcement officer has no special insight into the malfeasance unfolding under his nose."

Read the enitre article here.

— Miranda Devine, New York Post Columnist
— Miranda Devine, New York Post Columnist
Posted September 21, 2023 • 08:56 AM
On Democrats' Energy Policy Being a Major Threat to America's Power Grid:

"Electric regulators and utilities across America are sounding the alarm on grid reliability, yet the Biden administration keeps on hitting the snooze button.

"The newest warning comes from the North American Electric Reliability Corporation's (NERC) biennial 'Reliability Risk Priorities Report.' For the first time, energy policy is listed as one of five key risk profiles, joining grid transformation, security risks, extreme events, and critical infrastructure interdependencies. This is significant because it singles out bad energy policy as a major threat to the grid.

"The report is no surprise. When I was secretary of Energy, grid reliability is what kept me up at night, even with our all-of-the-above approach. But those days are long gone. While President Biden's Department of Energy and Environmental Protection Agency are doling out dollars as fast as they can in the name of climate change, some regulators understand the vulnerabilities in our grid."

Read the entire article here.

— Rick Perry, Former Governor of Texas and Former U.S. Secretary of Energy
— Rick Perry, Former Governor of Texas and Former U.S. Secretary of Energy
Posted September 20, 2023 • 07:35 AM
Notable Quote   
"It is tempting to dismiss COP28 as the Super Bowl of virtue signaling. But that would be to ignore the massive damage being done to our country by the unrealistic and costly climate policies of the Biden White House. The administration's wrong-headed 'leadership' on phasing out fossil fuels, which currently provide nearly 80% of U.S. energy, is a highlight of COP28; their policies are making Americans…[more]
— Liz Peek, Fox News Contributor
Liberty Poll   

What grade would you give the Biden administration thus far regarding all aspects of its approach to the Hamas/Israel conflict?