It’s a classic case of political power dynamics. Community advocates, voters and lawmakers have spent years trying to bring payday loan reform to Rhode Island. And every year, it fails, with legislative leaders unwilling or uninterested in advancing the proposals to their respective chambers for a vote. Until last year, when the Rhode Island House […] The post Payday lending rates are sky high, but not optimism for R.I. Senate to pass reform this year appeared first on Rhode Island Current.
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A new report conducted by Ernst & Young LLP, commissioned by the Canadian Lenders Association (CLA), highlights the severe, far-reaching consequences of the federal government's new interest rate cap. The study reveals that a reduction to the allowable rate of interest will remove $10.7 billion from the Canadian economy each year, eliminate nearly 50,000 jobs and cost borrowers up to $4.4 billion in additional interest payments to payday lenders and illegal lenders, as a result of being turned a
After the 2008 financial crisis, Congress created the Consumer Financial Protection Bureau to protect consumers from things like excessive and predatory fees. But a new case before the US Supreme Court could gut the CFPB.
Senator Elizabeth Warren told Yahoo Finance Wednesday that if the CFPB's funding structure is nullified, it would "touch the lives of everybody in this country."