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Limit the Banks?

May 17, 2010

from Baseline:

Right now banks are allowed to pretend that application fees, late payment fees, annual fees, and periodic fees are not part of the cost of credit. That’s a bad thing. And if the federal agencies aren’t going to fix it, then states should be allowed to. “Making it more likely a lender will reach the state cap” is a good thing if what makes it more likely is the elimination of a misleading loophole.

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