With provincial regulations governing payday lenders due to expire in 2016, a Calgary social services agency is urging the government to further restrict what it calls a “predatory” industry.
Momentum Community Economic Development is also calling for the municipal government to take greater action against payday lenders, but the agency cautions that any move toward stricter regulations must be accompanied by increased access to financial services from other sources.
“Stricter regulation on this industry, even if its product is predatory and expensive, may have unintended consequences,” reads a report recently released by Momentum, titled The Real Cost of Payday Lending.
Jason Van Rassel – Calgary Herald – July 14, 2014.
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