Payday loan providers and regulators are gearing up for brand new showdown

Debbie Wasserman Schultz

Democratic nationwide Committee Chair Debbie Wasserman Schultz is cosponsoring a bill to push back once again on proposed federal laws for the payday lending industry.

(Richard Drew, Associated Press)

WASHINGTON — you call your lender if you got a loan whose interest rate over a year amounted to 391 percent, would:

B) a fine, upstanding business person earning a paycheck by giving credit to people who want it the essential?

An additional concern. If your agency that is federal to avoid such financing practices, saying these were predatory, could you state:

A) great for the federal government?

B) How dare the national federal government hinder one thing currently managed by states?

These concerns are extreme and provocative, as it is the topic, which an additional thirty days or more will likely be relevant because the federal customer Financial Protection Bureau releases proposed guidelines to place the brake system in the lending industry that is payday. Some in Congress, including a high Democrat that is national and Ohio Republicans, are fighting right back, supporting the industry’s place. Read more