Profiting From Recession, Payday Lenders Spend Big To Fight Regulation

[babsbunny]

Profiting From Recession, Payday Lenders Spend Big To Fight Regulation

http://www.huffingtonpost.com/2010/03/02/profiting-from-recession_n_482297.html

Keith Epstein First Posted: 03- 2-10 11:03 AM

The influential $42 billion-a-year payday lending industry, thriving from a surge in emergency loans to people struggling through the recession, is pouring record sums into lobbying, campaign contributions, and public relations - and getting results.

As the Senate prepares to take up financial reform, lobbyists are working to exempt companies that make short-term cash loans from proposed new federal regulations and policing. In state capitals around the country, payday companies have been fighting some 100 pieces of legislation aimed at safeguarding borrowers from high interest rates and from falling into excessive debt.

[Captain Hilts]

1. They really go after military folks. nt

[LoZoccolo]

2. Al Sharpton did commercials for a payday lender.

And took money from Republicans before he attacked Dean.

[cutlassmama]

3. Are they exempt from usary laws? If so, why?

[marmar]

4. And now the big banks are getting into the payday lending biz.....

http://www.bloomberg.com/apps/news?pid=20601087&sid=a25EweZDVeAU&pos=6