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Senators Call For An End To Payday Lending By Banks

Monday, January 14, 2013 - 5:59 AM
From The Consumerist
Four of the nation’s largest banks — Wells Fargo, Fifth Third Bank, U.S. Bank and Regions Bank — are involved in high-interest, short-term loans that may not always be called “payday” loans but might as well be. Thus, a group of five U.S. senators have asked regulators to put a stop to the practice altogether.

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3
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Monday, January 14, 2013 - 7:41 AM
Evidently none of those senators received campaign donations from the banks involved.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
2. Monday, January 14, 2013 - 4:14 PM
I think it is very sad that some people don't make enough money with their jobs that they feel forced to take these type loans.  Then again some people can make very big paychecks and manage to blow it all as fast as they make it. Shows how undisciplined some workers can be.
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
3. Monday, January 14, 2013 - 11:19 PM
Payday loans are utterly immoral. Those institutions prey on the weakest and poorest who can least afford the outrageous fees and interest charges. Kudos to the senators who want to put an end to those predatory practices!
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
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