02 Apr '11, 10am

A Call for Tougher Regulations on Predatory Lending

As MBA students and future business leaders in sustainability, we are writing to urge you to support tougher regulations around the practices of predatory lending in California, specifically payday loans. We are encouraged by our state’s history of supporting progressive causes and protecting those susceptible to predatory mainstream and corporate interests. We seek to enlist your help to create stronger financial protections for vulnerable Californians. Recent studies from Harvard and the University of North Carolina estimate that each year more than 10 million poor and elderly Americans are the target of over $50 billion in exorbitant fees and high interest rates charged by unscrupulous lenders. This false tax on America’s working poor is unjustified . A detailed study from Colorado from as long ago as 1996-1997 showed that the charge-off rate for payday loans was 3%, wh...

Full article: http://www.triplepundit.com/2011/04/call-tougher-regulati...

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