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Federal regulators look to severely curb payday lending
AZ Central: NEW YORK (AP) -- Federal regulators proposed a significant clampdown on payday lenders and other high interest loans on Thursday, the first nationwide attempt to address an industry widely thought of as taking advantage of the poor and desperate.
The proposals, if enacted intact, are likely to cause a nationwide contraction and restructuring of the $38 billion payday loan industry. Consumers desperate to borrow money quickly to cover an unexpected expense might have an avenue they once used now closed, since mainstream banks generally don't provide these kinds of low-dollar, short-term loans.
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