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I believe you're talking directly out of your asshole.
I believe that is already required.
I believe you're talking directly out of your asshole.
If so it's not practiced.
I ran recon to one of these places.
Asked what is the minimum loan one could get for a car. Come to find out these greedoids got the CA legislature to set the bar at $2500. Yep, if you only need say 900 bucks, they won't do it. So how much will i pay back for the 2500? She hymned and hawed and would not give the answer. "Well it depends upon, blah blah". Me: "Real simple, if i pay it all back on time, neither early or late, how much total will that be?"
Long short i had to come back another day and damn near force an answer out of the manger. "About 7500"
Yeah nothing greedy about that.
Incidentally Dan Issa, Repug from CA vigorously blocked two senators attempt to lower the cap these pigs can charge.
LOL...
In such a blue state?
LOL...
There's that compassionate conservatism.
And just a few posts before you were pretending to be concerned about people who need cash advances to pay for something.
both MW and OT would be indexed to a good inflation number, and perhaps adjusted for regional COL.
My bad. So i see what you mean, if Margaret doesn't write a check she's okay.
Sad in that she was willing to work out a payment plan but Manager Monty Burns wouldn't have it. Released the hounds.
Faith V. Greed: The Battle Between Faith-Based Organizations And The Payday Loan Industry
?“The Bible condemns gaining wealth through usury; and the writers of Scripture warn about gaining wealth through exploiting the poor… [but] The State of Alabama allows Payday lenders to charge an annual interest rate of 456%.”
So reads a 2014 Alabama Baptist State Convention resolution condemning predatory payday loans and recommending a 36% cap on interest rates. This resolution is just one of many efforts by faith-based organizations all around the country to combat the payday loan industry and other questionable financial products they believe are hurting low-income Americans and eroding communities.
http://consumerist.com/2015/03/10/fa...loan-industry/
my guess: $$$ trumps faith, everytime.
36% cap is some kind of faith-based charity?
I'd much rather these faith-y type AGITATE for the USPS' proposal to get into banking
Congress May Delay Predatory Lending Protection For Military Personnel
The Military Lending Act prevents military personnel from being caught in revolving debt traps of triple-digit interest loans from predatory financing operations like payday and auto- le lenders, but there are loopholes that allow some lenders to get around the MLA’s 36% APR interest rate cap, resulting in the loss of millions of dollars to servicemembers each year and raising issues of national security.
The Dept. of Defense is currently working toward new rules that would add protections for military personnel, but Congress may intervene to slow the DoD from making progress.
Today, the House Armed Services Committee is marking up and voting on the 2016 National Defense Authorization Act [PDF], a very large bill that includes a small provision (Sec. 594) which would require the Sec. of Defense to submit a report to Congress by March 1, 2016 on any new MLA-related rules. That’s all well and good, but the real catch comes here:
“Additionally, the Secretary of Defense may not implement any final regulation concerning [the Military Lending Act] until the end of a 60 day period beginning when the required report is submitted to the Committees on Armed Services of the Senate and the House of Representatives.”
This would have the effect ofpushing any new rules off until at least May 2016, a full year from now, meaning that servicemembers will lose millions more dollars to lenders and other companies.
For example, the Virginia-based retailer that “finances” purchases by military personnel through monthly installments without making it clear that the sticker prices on these products are already marked up and that the customer will end up spending several times the actual price;
like the servicemember who ended up paying $8,626 for a $650 laptop.
Credit cards and deposit advance loans are also not currently limited by the MLA. And according to the Consumer Financial Protection Bureau, nearly 1-in-4 servicemembers will take out a deposit advance loan — often with an APR of around 300% — each year, paying millions in fees.
http://consumerist.com/2015/04/29/co...ary-personnel/
Military ONLY Lending Act?
How about the 99% Lending Act?
Repugs run Congress now, and BigFinance/Capitalists pay Congress to keep the financial wealth going strong.
One of the shops trashed in Baltimore was a payday lender type of outfit. They know where to set up shop
I don't know which I read less of. Bouton's rants or Franklin's odes to Goddess.
you stupidity, ignorance are evidence of illiteracy in general, not just of The Great Bouton's nuggets of gold.
Grammatically incorrect. But I did read that one.
Right-Wing Think Tank Shills for Payday Lenders on New York Fed Website
The New York Federal Reserve Board, charged with overseeing Wall Street banks, turned over its normally staid official blog this week to a highly contentious argument in defense of high-cost payday lenders, who are partially funded by the same big firms the Fed is supposed to be regulating.
Michael Strain, a resident scholar at the ultra-conservative American Enterprise Ins ute think tank, co-authored the piece. While posts at the New York Fed’s Liberty Street Economics blog always caution that the views expressed do not reflect the position of the regional bank, it is highly unusual to have anyone from an ideological think tank write an article there. A review of the last three months of Liberty Street Economics posts shows no other instance of this happening.
The article, “Reframing the Debate About Payday Lending,” begins by almost taunting the many critics of payday lenders, who charge low-income borrowers upwards of 400 percent interest for short-term loans (typically due within two weeks, or the next “payday”).
Payday lenders thrive the most where banks have the fewest locations, according to a 2013 Milken Ins ute report.
In fact, it’s a two-step process:
banks abandon low- and moderate-income communities,
ceding the field to payday lenders who they fund.
Mega-firms like Wells Fargo Bank of America, US Bank, JPMorgan Chase and PNC Bank provided $1.5 billion in financing to the payday loan industry, as of 2011.
https://theintercept.com/2015/10/20/...k-fed-website/
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