Center for Responsible Lending: Fintech Industry and Maryland Legislative Allies Hijack Regulatory Bill, Abandon Long-Held Consumer Financial Protections, Allow the Return of Abusive Payday Lending
April 04, 2024
April 04, 2024
DURHAM, North Carolina, April 4 (TNSres) -- The Center for Responsible Lending issued the following news release on April 3, 2024:
After decades of protecting borrowers from high-cost, payday lenders, Maryland lawmakers are poised to eliminate longstanding consumer protections in a bill that lets nonbank earned wage advance (EWA) lenders create an industry-defined financial category that allows them to charge triple-digit interest rates and unlimited junk fees on payday-style loans . . .
After decades of protecting borrowers from high-cost, payday lenders, Maryland lawmakers are poised to eliminate longstanding consumer protections in a bill that lets nonbank earned wage advance (EWA) lenders create an industry-defined financial category that allows them to charge triple-digit interest rates and unlimited junk fees on payday-style loans . . .