News on car title loans

The “American Bankers Association submitted a report to Treasury Secretary Steve Mnuchin last month calling for an end to the CFPB’s proposed payday-lending rules and seeking regulatory changes that would allow banks to issue their own payday loans.”

Source: http://www.chicagotribune.com/business/columnists/ct-lazarus-payday-lenders-20170530-story.html

As usual, follow the money because banks charge insane amounts of “interest” on a bounced check.  Yes, they may be called “fees” but in practicality it is the same thing.  If you can take anything away from this article it is the fact that banks aren’t against payday loans–they want their ability to issue their own payday loans.

Source: ChicagoTribune.com