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BIG BANKS FUNDING PAYDAY LENDERS

BIG BANKS FUNDING PAYDAY LENDERS Posted September 16th 2010 Not only do Wall Street banks neglect communities by shipping money to overseas corporations and foreclosing on needy families, but they are also major financiers of payday lending services, which charge usurious rates and abuse struggling communities. A new report by National People’s Action and the Public Accountability Initiative shows how the big banks are enabling payday lenders and profiting from poverty. The Washington Independent reports:

National People’s Action and the Public Accountability Initiative are up with a report on financial links between payday lenders, Main Street banks and Wall Street banks. “While small businesses and individuals have struggled to get affordable loans in the wake of the taxpayer bailouts, payday lenders have received new and amended credit agreements from Wall Street,” it says. “Instead of wading further into the business of predatory payday lending, big banks need to stop financing these lenders and instead lend to businesses and individuals that create wealth, rather than destroy it.”…………..

http://washingtonindependent.com/97478/big-banks-and-payday-lenders

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