Americans for Financial Reform: Consumer and Civil Rights Groups Send Letters to FDIC, Office of the Comptroller of the Currency, and Fed Urging Them to Prevent Bank Payday Loans
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- Letters come after news that regulators pursuing joint small-dollar policy
- Growing concern that several Administration appointees may be giving green light for predatory loans
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Today, Americans for Financial Reform joined a coalition of national consumer and civil rights groups in writing to top banking regulators on the importance of preventing banks from once again issuing payday loans that trap people in a cycle of debt. The groups pointed to a recent letter from more than 400 organizations to the
These new letters were sent to the
The letters urged the regulators to "listen to the voices of Americans across the country who have spoken out so strongly in opposition to high-cost, balloon payment loans."
The letters also pointed out: "When bank payday loans were on the market, two-thirds of fees came from people who on average borrowed 15 or more times a year, many of whom took out loans 10 or more months a year."
A link to letter to the
A link to letter to the OCC is here (http://ourfinancialsecurity.org/2019/06/letter-regulators-comment-occ-bank-payday-loans/).
A link to letter to the Fed is here (http://ourfinancialsecurity.org/2019/06/letter-regulators-bank-payday-loans/).
The letters echo recent concerns over the
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