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Financial Reform Bill Will Exempt Payday Loans

March 10, 2010 - by Donny Shaw

Some of the most absurd lending and borrowing happens in the payday loan industry. According to the Center for Responsible Lending (.pdf), the average payday loan borrower pays $800 for each $325 they borrow. That's an absolutely absurd interest rate, but according to the New York Times, the senators who are designing financial reform legislation are going to include a special carve-out so the industry can keep on dealing in these abusive loans:

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Saying Thank You

April 27, 2009 - by Donny Shaw

I've been writing a bit about Rep. Luis Gutiérrez's [D, IL-4] bill that would put what amounts to a generous 391 percent cap on payday loan interest rates and the pawn shop industry's campaign against it. Mike Lillis of the Washington Independent has the campaign finance perspective: Of the 21 individuals who donated more than $21,000 to the Illinois Democrat in the first quarter of this year, 15 represent the pawnshop industry, according to documents filed with the Federal Election Commi...

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