Wall Street Finance Bill Changes

Posted On: July 17, 2010 at 1:16 p.m.

Filed Under: gambling payday loans wall street

As the country faces all kinds of reforms (on wall street and in health care, among others) we are seeing changes to a bill for finance charges that effects payday loans and other similar industries. Here are a few details: “It puts common-sense rules in place such as “No gambling for your account with our money” and, “You have to tell the truth about the mortgage you are giving someone.” [[ads]] Specifically, the bill provides: Landmark consumer protection to prevent tricks and traps related to mortgages, payday loans, credit cards and checking accounts. It will also offer help for those abused by predatory lenders and limit banks from charging businesses hefty fees for debit-card purchases” (http://www.indystar.com/article/20100709/OPINION01/7090322/1002/OPINION/Out-of-the-casino-into-the-open). Hopefully the reforms will, in the end, help the economic state of the country.

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