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Drive to finish predatory payday lending collects vapor

Drive to finish predatory payday lending collects vapor

Payday loan providers are using a beating of belated.

Through the caustic section on the other day Tonight with John Oliver urging prospective pay day loan clients to accomplish “literally anything else” in a money crunch to current news that an innovative new York District Attorney charged an area payday loan provider with usury, the news headlines has not place the industry in an optimistic light.

The timing couldn’t be better with the Consumer Financial Protection Bureau (CFPB) poised to issue rules to rein in abusive payday lending. What’s clear now – to anyone following these developments – is the fact that there is certainly a real requirement for strong, robust oversight for the lending industry that is payday.

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