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

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

Payday Lenders Hide Behind FDIC Bank Charters to Peddle Usury

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