FDIC Should Downgrade FinWise Bank Over Predatory ‘Rent-a-Bank’ Lending
Predatory Puppy Loans, Rates up to 160% APR, and High Default Rates Justify Lower Grade on Serving Communities’ Credit Needs WASHINGTON, D.C. – A coalition of consumer advocates submitted a letter to the Federal Deposit Insurance Corporation (FDIC) in connection with the agency's Community Reinvestment Act (CRA) examination of FinWise Bank. FinWise Bank’s lending through American First Finance, Elevate, and...