Federal crackdown on abusive pay day loans could backfire in ny

The federal watchdog agency for customer financial loans simply released a draft of nationwide guidelines for the payday financing industry. In many states, these guidelines are a definite welcome first rung on the ladder toward reining in payday loan providers, whose business design involves charging you on average 300per cent yearly interest, primarily to low-income people who can least afford those predatory prices. In nyc, but, we have to protect our already-strong customer defenses.