State AGs Blast Federal Charter For Payday Lenders

Law360, New York (October 5, 2012, 5:40 PM EDT) -- Attorneys general from 41 states on Friday urged the U.S. House of Representatives to reject a bill that would grant a federal charter to payday lenders, saying that the law would preempt state laws aimed at protecting consumers from predatory practices.

In a letter, the attorneys general said the bill — the federal charter that H.R. 6139, the Consumer Credit Access, Innovation, and Modernization Act, would make available to payday lenders and other nonbank providers of financial services — would make many of the safeguards built...
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