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    Feds Crack Down on Pay day Loans

    Feds Crack Down on Pay day Loans AP Company Writer Federal banking regulators announced Thursday the initial enforcement action against a small business providing short-term payday loans against borrowers’ paychecks, buying a Pennsylvania bank to cease all alleged payday financing. Eagle National Bank, situated in Upper Darby, Pa., finalized the agency’s permission purchase and decided to stop all payday financing by June 15. The financial institution additionally decided to make modifications in its operations to make sure soundness and safety, the ptroller’s workplace stated.