Dallas Morning News: Maybe Washington’s watchdog can fix payday loans
December 7, 2013
If Texas won’t protect the poor from payday loans, how about the feds?
Last month, a federal consumer agency cracked down on Fort Worth-based Cash America, securing a $19 million settlement that includes a $5 million fine. The case revealed serious violations, including robo-signing loans, overcharging military families and shredding documents after the investigation began.
For the payday loan industry, it was the first shot from the new sheriff on the beat, the controversial Consumer Financial Protection Bureau. Advocates are pushing for more sweeping changes that would rock the business.
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