Typical CORRUPTION AT WORK: "NY State financial regulators have done a good job of fending off online lenders who try to illegally saddle us with loans that can carry annual interest rates of 1,000%, but the the NYS Legislature’s newest bad idea is packaged in a bill that would let check-cashing stores enter the lending business, even though these stores have no expertise in judging a borrower’s ability to repay, check-cashing stores don’t have enough employees and don’t train them well enough to conduct business soundly. Some check cashers have already been involved in floating illegal loans or in schemes that allow businesses to avoid taxes. Consumer advocates are especially worried about a vaguely written provision in the pending bill that might allow check cashers to forge relationships with banks in states that have no usury caps, as a way of evading the law in New York."
At www.nytimes.com
