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As OCC Steps Backward on Payday Lending Oversight, Banks Shouldn’t Follow

Thursday, November 2, 2017
Rebecca Borné | Center for Responsible Lending
Rebecca Borné

With deceitful practices like opening unauthorized bank accounts, reordering debit card transitions to maximize overdraft fees and forced arbitrations clauses, what we need now more than ever are safeguards in place that stop banks from taking advantage of those who entrust banks with their hard-earned money. The OCC announcement to roll back the bank payday guidance moves us backward instead of forward.