FDIC Cracks Down on Payday Lending

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001465-fdic-cracks-down-on-payday-lending/

By Jonathan Stempel, Reuters

A top U.S. banking regulator is cracking down on payday lending, reflecting its growing concern about the high-cost, short-term loans made to people who live paycheck to paycheck.

The Federal Deposit Insurance Corp. tightened its regulations last March, advising payday lenders not to lend to people who used the loans for three months in the prior year or took out more than six payday loans annually.

For this complete story, please visit FDIC Cracks Down on Payday Lending.