U.S. Senators ask Regulators to Stop Bank Payday Lending
Date: January 7, 2013
Issue:Bank Payday Loan, 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 started making the triple-digit interest loans, which are virtually identical to the predatory payday loans that trap borrowers in long-term, high-cost harmful debt.