Trump to Payday Lenders: Let’s Rip America Off Once More
Their big bank donors are probably ecstatic.
A cash loan provider in Orpington, Kent, British give Falvey/London Information Pictures/Zuma
Whenever South Dakotans voted 3–to–1 to ban pay day loans, they need to have hoped it might stick. Interest in the predatory money improvements averaged an eye-popping 652 percent—borrow a buck, owe $6.50—until the state axed them in 2016, capping prices at a fraction of that in a decisive referendum.
Donald Trump’s finance czars had another idea. In November, the Federal Deposit Insurance Corporation (combined with the much more obscure workplace of this Comptroller regarding the money) floated a permanent loophole for payday loan providers that could essentially result in the Southern Dakota legislation, and others, moot—they could launder their loans through out-of-state banking institutions, which aren’t susceptible to state caps on interest. 继续阅读“Trump to Payday Lenders: Let’s Rip America Off Once More”
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