Babaamaajimowinan (Telling of news in different places)

Molly Fleming, national payday-lending reform advocate, on yesterday's proposed new federal payday rules

Yesterday, the Consumer Financial Protection Bureau unveiled its long-anticipated proposal to bring stricter rules to the consumer lending industry of payday loans, title loans and installment loans. Such reform is long overdue in Missouri, a state with more payday-loan storefronts than Wal-Marts, McDonalds and Starbucks combined. The payday-lending lobby, which employs disgusting tactics to preserve its unconscionable profit margins, more or less has a stranglehold on the state legislature, and efforts to reform payday laws in recent years have stalled and failed.

Kansas City is also, of course, an epicenter for businesses specializing in predatory online payday loans, as we've reported. Those organizations evade the usury laws that other states have passed by merging with American Indian tribes and incorporating offshore shell companies.

http://www.pitch.com/FastPitch/archives/2015/03/27/molly-fleming-national-payday-lending-reform-advocate-on-yesterdays-proposed-new-federal-payday-rules

 

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