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QC HOLDINGS INC (QCCO) 5.94 $0.06 (1.02%) 04:25AM (15 mins delay)

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How Will Payday Lenders Be Affected by New Bill in Congress?

Mar 26, 2009 - 6:47 AM EDT

Part 1 in the series.

Senator Richard Durbin has a curious new bill he's flogging around Washington. The deceptively titled S. 500, "Protecting Consumers from Unreasonable Rates of Credit Act", only serves Sen. Durbin and his big banking contributors. Why? Because it seeks to effectively eliminate all forms of short-term credit except one – bounced check fees from banks.

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Source: Seeking Alpha (Mar 26, 2009 - 6:47 AM EDT)