New Rules Proposed for Financial Products Considered Predatory Lending

524195139_1c8a3ec97c_z

Photo: Taber Andrew Bain, Creative Commons

Virginia’s car-title lending industry has exploded in the six years since the General Assembly crafted regulations legalizing loans that have more than 200 percent interest rates. But Virginia is not alone. States across the country are struggling to deal with payday loans and Internet loans and open-ended credit loans – a set of financial products critics call “predatory lending.” As Michael Pope reports, that’s why lawmakers in Washington are hoping to create new rules to crack down on the industry.

  1. Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: