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Article: Concentration of Payday Lending Associated With Neighborhood Crime Rates Study Finds.
- Article from:
- Biotech Week
- Article date:
- November 18, 2009
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As Congress debates financial regulatory reform and the Obama Administration advocates for greater consumer financial protection, a new study finds a need for Congressional action on fringe banking practices used heavily by financially vulnerable families. The study released details the toll on communities with a high concentration of payday lending business and finds a clear association between the presence of payday lenders and neighborhood crime rates. The study recommends that Congress take action to cap payday lender interest rates at 36 percent, enacting for the entire country protections Congress put in place for U.S. military families. The new study, entitled "Does ...