And because banks have an exemption from State usury caps, there would essentially be no limit as to what the payday lender could charge a borrower if it just funnels its loan through a bank.
Elizabeth Warren: “And because banks have an exemption from State usury caps, there would essentially be no limit as to what the payday…”
On the recordApril 27, 2021
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congress.govEditor's note · Context
Warren highlights concerns about payday lenders exploiting bank exemptions on interest rates.
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