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Open Letter to Banks: Don’t Make Debt Trap Payday Loans

November 3, 2017
Payday and Other Small Dollar Loans
Policy & Legislation

One day after the Office of the Comptroller of the Currency (OCC) rescinded its 2013 guidance to curb predatory bank payday loans, more than 230 (updated) faith, consumer advocate, and civil rights organizations from across the country sent a letter to America's banks urging them to pledge that they will not begin making payday loans and to oppose the rollback of the important consumer protections that keep other banks from doing so.