Anonymous |
Leading financial justice organizations from four key states today called on federal and state regulators to ban all types of payday lending. The organizations, from
The report, "The Case for Banning Payday Lending: Snapshots from Four Key States," describes state and local battles against the payday lending industry, comparing experiences of states that ban payday lending through strong state usury caps with states that permit payday lending. The state snapshots underscore how payday lenders charge triple-digit APR loans that trap millions of people in long-term cycles of debt, in states without strong laws that prohibit payday lending. The report-released by
Joined by more than 100 groups from the four states, the four organizations also submitted detailed comment letters that strongly support guidance proposed by two federal banking regulators, the Office of Ihe Comptroller of the
"Heavy industry lobbying has made it impossible to put meaningful limits on what payday lenders can charge in our state," said
Copyright: | (c) 2013 Real Times, Inc. |
Source: | Proquest LLC |
Wordcount: | 340 |
More Articles