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Regulators To Rein In Bank Payday Lending

Wednesday, April 24, 2013 - 9:00 AM
Banking regulators are set to hand down tough new rules to govern short-term, high-interest loans that have been blamed for trapping some Americans in a cycle of debt, according to people familiar with the matter.

The rules, which are slated to come out Thursday, could radically alter the operations of the small but growing number of banks, including Wells Fargo and U.S. Bancorp, that offer loans tied to anticipated direct deposits of salary, government benefits or other income. Critics say these products carry the same abusive high interest rates and balloon payments as the payday loans provided by storefront vendors.

Regulators to rein in bank payday lending - The Washington Post
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