Gutierrez on the hot seat
July 6, 2009 | federal legislation, industry | Comments (0)Skewered for taking political contributions from a few payday lenders. The guy can’t win. From the story:
GUTIERREZ: As our constituents are faced with even tougher economic conditions during this recession, they are more and more likely to turn to the services offered by the payday lending industry to pay for emergency car repairs, an unexpected doctor’s bill and even groceries for their families. Many of these families have been ignored or shut out of the mainstream financial services industry and have nowhere else to turn for credit.
Gutiérrez’s legislation would cap payday lending fees at what amounts to 391 percent annual interest. The congressman says that’s lower than what 23 states allow.
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