Yes, we’re fighting
May 9, 2010 | federal legislation, industry | Comments (0)In Monday’s Washington Post:
Payday lenders and check cashers blanketed Capitol Hill last week to challenge the scope of the financial reforms under debate in Congress and combat the industry’s reputation as the pariahs of the financial system.
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But in back-to-back meetings with dozens of members of Congress last week, industry executives argued that their sector is already regulated by a complex web of legislation in the states, including some that ban payday lending. A federal regulator would create another layer of work that would increase their costs and potentially put some providers out of business, they said. In addition, they are often the only alternative for consumers who cannot qualify for — and sometimes do not want — a bank account or credit card.
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