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Federal crackdown on abusive pay day loans could backfire in nyc

Federal crackdown on abusive pay day loans could backfire in nyc The federal watchdog agency for customer financial loans just released a draft of nationwide guidelines when it comes to lending industry that is payday. These rules are a welcome first step toward reining in payday lenders, whose business model involves charging an average of 300% annual interest, mainly to low-income people who can least afford those predatory rates in most states. In ny, but, we must protect our already-strong...

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