A payday loan is a costly form of credit operating on the fringes of the economy. That's why the target of a new crackdown by federal regulators may surprise you: Instead of a forlorn-looking storefront with a garish neon sign, it's your familiar neighborhood bank.
A small but growing number of banks, including some major players, have been offering the equivalent of payday loans, calling them "deposit advances."
That is, at least, until bank regulators stepped in Nov. 21 and put new restrictions on the loans.
Even though Christmas and New Year are still a few weeks away, we're already well into holiday party season. And punch bowls are often the centerpieces of festive gatherings. For tips on how to make sure the punch bowl does its job as star libation attraction, writer Julia Reed. She's a columnist for Garden & Gun, a Southern lifestyle magazine.
Chinese naval soldiers stand guard on China's first aircraft carrier Liaoning as it travels toward a military base in Sanya, Hainan province, in this undated picture made available on Nov. 30.
Credit Kyodo / Reuters/Landov
A group of disputed islands in the East China Sea, known as Senkaku in Japan and Diaoyu in China, sit inside China's self-declared air identification zone, rankling the U.S., Japan and others in the region.
China has been building up its military strength for some time now, and pushing ever farther from its coastline and into international waters. The real concern now is for miscalculation — particularly with Japan — that ends up in gunfire.
Just six months ago, the Pentagon released its annual report on China's military. Its defense budget was growing. The country was building more stealthy aircraft and submarines. It even bought an aircraft carrier from the Ukraine.
Pentagon official David Helvey highlighted particular areas of concern.