Getting Our Money’s Worth Coalition Responds to New Data Showing IDAs Spending More Than $2 Billion
JPMorgan Chase has announced new policies to limit the ability of online payday lenders to access bank customers’ accounts in order to withdraw improper or unwanted automatic payments.
Gov. Andrew Cuomo of New York has warned debt collectors that they could face legal sanctions if they try to collect predatory loans that violate the state’s usury law, which prohibits loans with interest rates above 25 percent. The governor needs to take an equally forceful stand against pending bills that would encourage predatory lending by allowing check-cashing stores to enter the lending business and exempting them from the usury law.
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Consumers who use online payday lenders may be taken advantage of twice: first, by the lenders’ triple-digit interest rates that flout state caps, then with fees tacked on by the borrowers’ own banks.
New York – The Federal Emergency Management Agency, at the request of the State of New York, has approved a 14-day extension to the Transitional Sheltering Assistance program, which allows eligible survivors from Hurricane Sandy who cannot return to their homes to stay in participating hotels or motels.
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