FDIC Must Not Enable Banking Institutions to Make loans that are payday says Coalition Letter

FDIC Must Not Enable Banking Institutions to Make loans that are payday says Coalition Letter

As seat of FDIC considers policy, broad coalition urges regulators and banking institutions to prevent toxic loans that trap customers with debt

WASHINGTON, D.C. – the relative mind associated with the Federal Deposit Insurance Corporation (FDIC), Jelena McWilliams, is “reviewing whether or not to rescind tips for ‘deposit advance’ loans,” according to an meeting she had using the Wall Street Journal. “Deposit advance” is really a euphemism for bank pay day loans, which – ahead of the FDIC’s 2013 guidance – had triple-digit rates of interest, lacked an ability-to-repay standard, and trapped consumers with debt. Читать далее «FDIC Must Not Enable Banking Institutions to Make loans that are payday says Coalition Letter»