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Continued: Feds to crack down on payday loans

  • Article by: JESSICA SILVER-GREENBERG , New York Times
  • Last update: April 24, 2013 - 12:00 AM

Last May, the FDIC said the agency was “deeply concerned” about payday lending. The comptroller’s office said in June 2011 that the loans increased “operational and credit risks and supervisory concerns.” Lawmakers, led by Sen. Jeff Merkley, D-Ore., also are looking to rein in payday loans. In July, he introduced a bill that would force payday lenders to abide by state usury caps where the borrower lives.

“Payday lending and other predatory loans strip wealth from working families,” Merkley said.

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