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New report on Pay Day LoansPosted Wednesday, September 15, 2010, at 10:07 AM
Today a new report by National People's Action, based in Chicago, Ill., shows that a handful of big banks have extended more than $1.5 billion in credit to payday lending firms.
The organization says payday lending companies take advantage of people who need small loans to make ends meet.
According to the report, Wells Fargo is the biggest backer of payday lenders, the report finds, followed by Bank of America, JPMorgan Chase, US Bank, Banco Popular and Wachovia.
The National People's Action report, titled: The Predators' Creditors: How the Biggest Banks are Bankrolling the Payday Loan Industry, is available at http://showdowninamerica.org/node/826.
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Melissa Miller is business editor at The Southeast Missourian. A graduate of the University of Missouri Journalism School, she's worked as a reporter, photographer, editor and as the executive director of two not-for-profit organizations. After living in Michigan and then Indiana, she moved back to her hometown of Jackson, Mo. In addition to writing daily stories for The Southeast Missourian, Melissa coordinates editorial content each month for Business Today. Business Today is a monthly publication for southeast Missouri's business community. Monthly themes include health care, agriculture, women in business, technology and more. Business Today is direct mailed to business owner and managers throughout southeast Missouri and southern Illinois. Follow her updates on local business developments at www.twitter.com/semissourianbiz or on Facebook at www.facebook.com/MelissaMillerSoutheastMissourian