Colbert Report highlights a very bad bill

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Monday, April 27th, 2009

Steven Colbert recently did his usual sarcastic news update about a bad bill that has been introduced in Congress. The bill would legalize payday lending at the national level and allow loan sharks to charge 390 percent APR for a two week loan! And the bill’s author claims to be doing this under the guise of consumer protection. Hmmmm.

Consumers Union thinks there is a better way to protect consumers and we’re asking for your support.

1) Interest rates should be capped at 36% including all fees. Tell Congress!

2) We need an agency to protect consumers from unsafe financial products. Tell Congress!

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