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Usury is Alive and Well March 11th, 2012
“You would think by now that banks and other financial institutions would have been chastened some by the scrutiny and criticism that they received during the near meltdown of the financial system in September 2008 and its aftermath. Judging by the aggressive path that some have adopted in the payday lending arena, I am sorry to report that some banks have quickly beaten a path back to their old behaviors. Constrained from many of the usual profit making services that were part of their pre-crisis business models, many have been looking at additional fees for such things as ATM withdrawals or late payments and other increased charges to make up the lost income.”
Read the latest Huffington post blog entry from Fr. Seamus Finn, OMI
Act to Stop Usurious Payday Lending! February 23rd, 2012
US Regulators receive letter from over 250 organizations and individuals on usurious loans.
Over 250 organizations and individual advocates – including the Oblates and other faith-based groups – have joined the call to stop banks from extending predatory payday loans. These loans carry triple-digit annual interest rates of as much as 400 percent.
Consumers can join the call for regulators to stop bank payday lending by signing a petition at: http://rspnsb.li/vZb3iH
Learn about the problem of predatory payday lending in this video from Center for Responsible Lending.
Click here to read more »
