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US federal regulator seeks limits on payday lenders
Published Mon, Feb 9, 2015 · 09:50 PM
New York
IN THE world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 per cent.
Such manoeuvres by the roughly US$46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
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