Does anybody know anything about federal regulations on lending?

[renie408]

I am trying specifically to find out if there is a move to federally control the APR allowed for small loans. I am at a business training seminar for the tax prep firm I work for. A big part of our business are RAL's. Due to the nature of the beast, they end up having a high APR. Out of 25 trainees here, there are 24 Republicans and me. The company took us to dinner tonight and I got to be crammed into a minivan with ten angry Repukes screaming about how Obama was going to put everybody out of business. How he would be BAD for small business. I finally said that if my small business made in excess of $20,000 a month of pure profit, I could probably tolerate the 3% increase in taxes I would pay at that level. Then the woman next to me said that if Obama gets elected, all tax prep places that rely on RAL's for a large part of their income would be out of business because the Dems are going to push through federal regulations limiting the allowable APR so low that it will make it unfeasible for banks to fund RAL's. I am thinking that maybe it is related to federal control of predatory lending, but while I can find a lot about MORTGAGE lending, I can't seem to find anything that refers to RAL's.

I don't want a lecture on the morality of RAL's. I have my own problems with it, but I need this job. I Googled every combination of APR, federal and regulation that I could come up with and got nothing. There is also no specific mention of RAL's and federal regulation, either. Or at least that I could find.

[renie408]

1. Anybody? I am hearing crickets here....n/t

[Kurt_and_Hunter]

2. Question might be better suited to General Discussion forum

[renie408]

3. I will try it there. I thought of it for here because we were arguing about obama vs McCain. n/t