We smell a very lucrative coup here for Congressman Clay’s rent to own/payday loan industry buddies!

Rep. William Lacy Clay D-Mo., says he has a way to bring some of the 9 million unbanked American households into the financial mainstream. He has signed on as a co-sponsor of the Bridging Bank to Recovery Act, which would set up a new type of financial institution to serve people who currently don’t have a bank account.

That’s right: a bank for people who avoid banks. Clay says in a news release that he was spurred into action by a recent FDIC report which showed, among other things, that 31 percent of African-Americans in St. Louis are unbanked. Read more…

Related:

National Media Follows Up On MO Blogger’s Expose of Rep. Clay & Loan Sharks