CBS Evening News for Monday, Sep 26, 2011
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(Studio: Armen Keteyian) A look at payday lenders that charge sky-high interest rates examined; details given about the fee from online lender 500FastCash that charged an annual interest rate of 476 percent and how payday lenders partner with American Indian tribes to avoid the law. [Cancer patient Ramon ZAYAZ- talks about his finances and borrowing from a payday lender.] Map of states banning payday lending shown. [Eastern Oklahoma Better Business Bureau Rick BRINKLEY- talks about payday loan operations.] The findings of the CBS-Center for Public Integrity joint investigation about lending operations led by well-to-do Scott Tucker, who owns AMG Services, outlined on screen. A letter from the Miami Tribe of Oklahoma about Tucker and AMG quoted. The first FTC action against a payday lender noted.
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