Regulators

Print this    

At least two nationally chartered banks are offering their own version of payday loans, with high fees and short-term balloon payments similar to those that cause the typical payday borrower to become trapped in long-term debt.

Because the entire loan must be repaid in short order, borrowers are likely to have difficulty both retiring the loan and meeting their other obligations. As a result, these borrowers—like the typical customer of payday loan stores—will likely take out a series of back-to-back loans, staying indebted for a significant portion of the year.

The Office of the Comptroller of the Currency (OCC) is responsible for regulating these banks, and has so far failed to stop the predatory practice, making more Americans vulnerable to predatory short-term debt traps as it spreads.

Search Payday Lending - Policy & Legislation - Regulators
Loading
Browse Payday Lending - Policy & Legislation - Regulators

Items 6 - 10 of 19  Previous1234Next
  • Renewed Call for Federal Action Against Bank Payday Loans
    Published: Mar 13 2013      Issue: Bank Payday Loans, Payday Loans

    Federal regulators should take immediate action to stop unaffordable, high-cost payday lending by banks. That is the key message from more than 260 groups and individuals in a letter to the heads...

  • U.S. Senators ask Regulators to Stop Bank Payday Lending
    Published: Jan 7 2013      Issue: Bank Payday Loans, Payday Loans

    Five U.S. Senators have asked the OCC, the FDIC and the Federal Reserve to stop the banks under their respective jurisdictions from making predatory payday loans. At least four big banks have...

  • CRL Comments on Proposed Rules for NCUA Payday Alternatives Loan Program
    Published: Nov 30 2012      Issue: Bank Payday Loans, Payday Loans

    CRL urges the NCUA to structure their Payday Alternatives Loan (PAL) program to reflect the broad range of alternatives, to prevent the program from operating like a series of high-cost payday...

  • FDIC Promises Investigation of Bank Payday Lending
    Published: May 31 2012      Issue: Bank Payday Loans, Payday Loans

    The FDIC has promised that to make investigation of bank payday lending a priority investigation. In response to a letter submitted by 250 advocates, Acting Chairman Martin Gruenberg said the...

  • Comments to the Consumer Financial Protection Bureau on Payday Lending Abuses
    Published: Apr 23 2012      Issue: Consumer Financial Protection Bureau, Payday Loans

    Comments to the Consumer Financial Protection Bureau on payday lending abuses on behalf of several organizations concerned about the documented abuses of payday lenders.

Items 6 - 10 of 19  Previous1234Next