Question from a reader
May 19, 2009 | federal legislation, industry | Comments (1)Does the Durbin amendment affect only payday lenders or does it encompass installment loans and other related financial products as well?
The Durbin amendment affects all loans under 90 days. That’s why pawnbrokers are vigorously opposed as well. The amendment also would affect overdraft protection, but not bounced check fees because they are not considered a “credit” product.
Comments»
Of course not! You cannot upset the banks’ apple cart. Gotta keep those fees coming so the donations to the political campaigns can rain in also.