Law360, New York (July 25, 2012, 7:41 PM ET) -- Three U.S. senators on Tuesday introduced a bill intended to crack down on the online payday lending industry and give states more power to enforce existing rules to protect consumers from predatory loans.
Sens. Jeff Merkley, D-Ore.; Tom Udall, D-N.M.; and Dick Durbin, D-Ill., said the Stopping Abuse and Fraud in Electronic Lending Act would help ensure that third parties can’t gain control of consumers’ bank accounts through remotely created checks, which are checks from a consumer’s bank account created by a third party.
The act...
Senate Dems Seek To Curb Payday Lending Abuses
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