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The measure came before the House of Delegates Corporations, Insurance and Banking Committee last week, and once again the banking lobbyists were on hand with their tear-soaked handkerchiefs. In the main, to be sure, they were playing to aympathetic audience. Eleven membets of the 20 member committee reportedly have significant financial interests in banks or other financial institutions.
They found little difficulty in passing the bill by until next year. At that time a review of the problem will be made as a part of a general study of interest rates in the state.
In the meanwhile the bankers claim that the higher interest rates make sense because it gives them added security on what amounts to, in some cases, large unsecured loans. They also claim that in spite of high rates, they really only make about 2.2 percent profit out of their credit card operations. In fact, the banks claim that their margin of profit is so slim that, in spite of what would appear to be usurious interest rates, in order to make ends meet, they must also eharge merchants a 2 to 5 percent service fee on every purchase made.
With a perfectly straight face, the banks maintain that this is something which merely helps defray their costs and does not contribute to their profits. What, pray tell us, is the difference?
It’s the kind of thing a modern-day Jesse James would understand, even if no one else does!
It is, I suppose, the difference between being stuck up by a six-shooter in your back, or by a little plastic card in your wallet!
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