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Payday loan providers have developed a far more innovative and unsettling prospective barrier to accountability.

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Payday loan providers have developed a far more innovative and unsettling prospective barrier to accountability.

The agency is currently drafting proposed laws and it is likely to announce them quickly.

  • Rent-A-Bank

A second barrier to accountability payday loan providers have actually attempted to build may be the “rent-a-bank” scheme – where payday loan providers consent to provide a little part of their earnings to federally insured banking institutions chartered in states without any or quite high rate of interest restrictions and then claim the exemption off their states’ usury guidelines that people banking institutions have actually.

Serg KelloPayday loan providers have developed a far more innovative and unsettling prospective barrier to accountability.
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