Wisconsin Banking Update
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Payday Loan Rules Could Restrict Other Lenders
Posted on November 15th, 2010 No commentsNew rules regulating what critics have labeled “predatory lending” by payday lenders could also restrict the ability of banks, credit unions and other lenders to make small, short term loans. The Wisconsin Financial Services Association – which represents the consumer finance industry in the state, including subprime lenders – is calling into question rules being drafted by the state Department of Financial Institutions to carry out legislation passed by the state Legislature earlier this year. Read more in Milwaukee Magazine’s New Buzz.