First@4: Payday-like loans could return to SD, SF Police investigating hotel robbery, Pheasant Festival and Quail Classic returns to SF

KELOLAND.com Original

SIOUX FALLS, S.D. (KELO) — Here’s a look at your top stories on this Monday afternoon.

This stretch of road used to be filled with payday lending storefronts, but a voter-approved 36% payday loan cap slowed the industry. Except, we’re learning it didn’t.

Fast cash is still a growing industry and thanks to a proposed federal rule, it could be here to stay. KELOLAND News discovered you can still get approved for a loan with an interest rate 124% higher than the voter-approved cap.

Now, a proposed federal rule could solidify that loophole. The Federal Deposit Insurance Corporation, an independent government agency, is looking to change the way banks handle loans.

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