While Pay Day lending prospers in the Mission District, the New York Times reports that legislation to tighten regulations over payday lenders has been weakened substantially by giving the agency the ability to write new regulations, but withholding the power to enforce them. Yes, campaign contributions involved.
In better financial news (unless, of course, you’re the bank), the Times reports that the Bank of America said it’s ending overdraft fees. As of this summer, the Times reports, no money in the bank, no purchase.
Earlier Good Morning Mission posts for Wednesday, March 10, at the link below.