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Senate Should Reject Choice Act And Its Payday Free Pass

Law360, New York (July 12, 2017, 12:25 PM EDT) -- In this time of historically low interest rates (with 15-year mortgage rates still hovering around 3 percent), it may surprise you to learn that the poorest Americans often pay interest rates as high as 179 percent, 339 percent, or even 1,000 percent or more. Frequently, these borrowers are caught in a vicious cycle — taking out such loans simply to pay off a previous loan. A provision buried within the Financial Choice Act, passed by the U.S. House of Representatives last month, would limit federal regulators’...
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