$$ Case $1$: Free Money: To regulate or not!

All Joshua wanted to do was buy an iPhone $11.$ Instead, he ended up with $$5,850$ in debt and a personal loan with an annual interest of $29\mathrm{.}99$ per cent. IT was crying," Joshua says of the moment he realised how high her interest rate was

Debt from high$-$interest instalment loans, a reasonably new product, is becoming increasingly common among young people with short credit histories. The Consumer Financial Protection Bureau ensures borro wers are not getting sucked into so$-$called debt traps by putting in place payday loan regulations that, among other things, require payday lenders to check that borrowers can afford to pay back their loans on time by verifying information like incomes, rent, and even student loan payments. Large banks, including JPMorgan Chase, and Bank of America,do not provide payday loans but enable borrowers to easily access money by making the pre$-$approved.

Questions:

$1.$ "These large banks are 'Too accountable for their actions Fail $($TBTF$)$ and therefore need to be transparent and held.

$2.$ Clearly define $*$regulatory arbitrage' and provide the example seen in the case by $19$ pandemic is a health crisis but can potentially push the Caribbean's financial.

$3.$ What are the risks and benefits of regulating digital payments to create a more robust regulatory approach to address the risks and challenges of$.$