House Panel Approves Consumer Protection Agency (NPR)
Posted on October 23rd, 2009 | by admin |More info…
Congress moved forward Thursday on a major piece of the Obama Administration’s efforts to overhaul the financial industry. A key House panel approved a bill to set up a new agency to regulate consumer credit, everything from payday loans to debit cards. But after intense lobbying from banks, the proposal has taken a few hits since landing on Capitol Hill.
More turn to payday loans over credit (SouthtownStar)
The recession and tightening of credit have pushed more people to seek high-cost payday loans, according to data compiled by a loan company. Payday loans — typically loans repayable on the borrower’s next payday — are taking the place of credit cards even for middle-class families who need to get through tight spots or times of lowered income, according to Instant Loan, a Phoenix-based online …
Advanceloan.Net Offers Quick Access To Payday Loans For Emergency Cash Needs (PRWeb via Yahoo! News)
Advanceloan.net understands how important cash is in today’s society and the need to have access for unanticipated circumstances. The company launches its online cash advance service to provide quick access to payday loans, eliminating the need to wait till payday to sort out those emergency situations
Why payday on Wall St. will never be the same (The Globe and Mail)
WASHINGTON — The U.S. Treasury and the Federal Reserve Board unveiled unprecedented measures to slash executive pay at bailed-out firms and police banker compensation, marking a landmark moment in the government’s clampdown on Wall Street excess.
House committee backs creation of Consumer Financial Protection Agency (Los Angeles Times)
The House Financial Services Committee votes 39 to 29 in support of the agency, which would have the power to impose new rules on subprime mortgages, payday loans and other financial products. A House committee voted today to create a federal agency to protect consumers from predatory financial products, such as subprime mortgages and payday loans with extremely high interest rates.













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