Payday lending is not something you'd think a major Democratic politician would want to boost. But Sen. Mark Warner (D-Va.) has gotten himself into some hot water over a bill that critics say would do exactly that. Payday lenders and their ilk have come under increased scrutiny recently for offering poor Americans small short-term loans with catastrophically high interest rates.
The Controversy Around Mark Warner's Payday Lending Bill, Explained
The Week - Business, The Week: Business
Fri, 11/17/2017 - 3:35am
Topics: democratic sen mark warner d-va payday pew charitable trusts speaking protecting consumers access credit act critics responsible lending interest federal deposit insurance corporation office comptroller currency consumer financial protection bureau naacp virginia u.s postal service democrats warner americans week a circuit i senate bill loan loans state law banks low-income lenders national states rates rate predatory caps senator poor madden small higher problem rent-a-charter schemes basically letter result lenient subject tool cap long-standing money legal year percent give final giving party complicated agencies industry acceptable issue jurisdiction called pointed terms sell valid argument
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