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Bank Regulators Propose to Rein in Abusive Payday Lending

http://blog.aflcio.org/Blog/Corporate-Greed/Bank-Regulators-Propose-to-Rein-in-Abusive-Payday-Lending

Payday lenders can trap working people in a never-ending cycle of debt. Big Banks also have gotten into the business by offering “deposit advance” loans. For years, consumer advocates have been calling on regulators to rein in abusive payday loans, which often charge interest at more than 300% per year. These exorbitantly high interest rates drain money from low-income communities.

RELATED: http://articles.washingtonpost.com/2013-04-24/business/38772836_1_loans-consumer-financial-protection-bureau-banks-market