Senator Durbin Welcomes Limits on Payday-Style Loans
Durbin spoke Friday at an event in Chicago. He praised a report this week from the Consumer Financial Protection Bureau on how payday loans often lead to crushing debt for consumers. The report says interest rates on payday loans can exceed 300 percent. Also this week, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency proposed ways of tightening rules on the worst payday lending practices among the banks they regulate.
Durbin's office says several large banks now offer what they call "deposit advance" loans, which are structured like payday loans.
More information is available online: Payday loan report: http://1.usa.gov/17hS6Ve
See other LocalNews news:Champaign Police Officer Waives Jury in Sex Assault Case
Offer to Restore Power at Shuttered State Park Rejected
Jefferson County Canine Tico Helps Make First Arrest
Centralia Clean and Green Volunteers Clean Up in the Rain
U of Illinois Reaches Agreement with Non-Tenured Faculty