Dallas Morning News: Federal regulators, Texas officials act to curb payday loans

April 25, 2013

The payday lending industry says it adheres to best practices that include giving consumers the right to rescind the transaction, a limit on loan rollovers and extended payment plans. But a study shows interest rates can reach 391 percent.  Federal regulators and state officials are cracking down on payday loans and other similar bank products that critics say bury many consumers under a mountain of debt.  Read more here.