Payday lenders scuttle financial reform amendment to limit such loans

[cory777]

Source: LA Times

Thursday was a good day for supporters of financial reform. It was a great day for payday lenders.

The legislation that now appears destined for President Obama's desk won't include an amendment that would have limited the number of high-interest loans payday lenders could make to cash-strapped consumers.

The industry had mounted an aggressive "grass-roots" effort to sway lawmakers by having customers voice opposition to a Consumer Financial Protection Agency and basically tell politicians to leave payday lenders alone.

The companies said they were just trying to protect people's ability to get credit. A more revealing perspective can be found in confidential e-mails and documents sent to workers at Advance America, the country's largest payday lender.

Read more: http://www.latimes.com/business/la-fi-lazarus-20100521,0,1163343.column?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fbusiness+%28L.A.+Times+-+Business%29

[depakid]

1. Heck of a job

[mbperrin]

2. Yes, a HECK of a job!

Wish I could even pretend to be surprised.













I'm still mad, though.

[msongs]

3. another eff u from the conservadems, formerly known as the party for working people lol nt

[era veteran]

4. A plague on their houses

These companies should be eliminated, usurious bastards.

[U4ikLefty]

5. They are blood-sucking vampires,

No offense to vampires.

[Wilms]

6. Got Change? n/t

[pinniped]

7. Those Cash Call clowns must be flush with cash because their crap commercials....

air every freaking 10 minutes!

That head of lending scumbag warns in the commercial that borrowing $2500 is expensive. Gary Coleman must have gotten fired from his Cash Call gig.