The US House subcommittee on Financial Services is agitating to legalize payday loans with 391% APRs. Key committee members have received large campaign contributions from the "payday" industry, and the committee chairman, Luiz Gutierrez (who also received contributions from the payday people) says the reason he's offering the industry this sweetheart deal after being on record as opposing this sort of thing is that their powerful lobbying has left him powerless to resist them: "...[T]hey're very powerful. Their influence should not be underestimated."
After watching members of the military fall prey to exorbitant payday loans, Congress in 2006 capped the interest rates for military payday loans at 36%. Fifteen states have similar caps or outright bans.
House Preparing To Legalize Payday Loans With 391% APRs
Congressman Gutierrez is competing with Congressman Joe Baca to see who can author the biggest giveaway. Baca's legislation would allow rollovers, higher fees for online banks, and would pre-empt state laws banning payday loans.
An anonymous reader writes, “(Anonymous) Macedonian designers have submitted posters calling for a vote against a dictatorship on the 11th December. Their motto “#GlasamProtiv [#VoteAgainst] is an initiative by a group of Macedonian designers to topple the dictatorship that has all of us captive. Vote your will on the 11-th of December and stand AGAINST […]
Many “progressives” looked the other way while the Obama administration asserted unprecedented presidential powers, like the right to murder anyone the president feels like, anywhere in the world, using drones and other technologies; and the right to spy on everyone, all the time. Now that Donald Trump is about to inherit those powers, the Obama […]
Data journalists pulled 26,234 of Trump’s 34,062 tweets (dating from Jun 1 2015 to Nov 17 2016) from the Twitter API and analyzed them for news-sources, producing a long, detailed analysis complemented by interactive graphics.
These days, there’s definitely no shortage of touchscreen gloves available, but the key is finding ones that consistently work well. These iGloves Touchscreen Gloves are super reliable, and are on sale for just $11.99.Super comfortable and functional, these gloves will keep your hands warm and still let you use any touchscreen, from phones to tablets. The iGloves’ […]
The Black Friday Mac Bundle 2.0 is one of the Boing Boing Store’s best-selling Mac bundles yet, and it’s about to come to an end. If you don’t get your copy now, here’s what you’ll be missing:This bundle comes packing 9 top-rated Mac apps in one package, at the hugely discounted price of just $23.99. […]
The Boing Boing Store’s Gift Guide is full of ideas for pretty much anyone in your life like hipster ice cub trays, Xbox controllers, Halo Boards, and even diamond necklaces. As always, all products in the Boing Boing Store come at great discounts, too. Shop by price bucket starting at under $20. Under $20:Bloxx Jumbo Ice Trays […]