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Bank Payday Lending

Bank Payday Lending

We, the undersigned community, civil liberties, faith, and customer teams, urge you not to ever start the floodgates to predatory little buck loan methods by banking institutions and payday lenders. Current protections—including state loanmart loans hours usury rules and existing FDIC assistance with little dollar loan services and products—are critical tools to make certain safe, accountable financing methods aren’t pressed out from the market by high-cost, unaffordable financial obligation trap services and products. Especially, we urge you to (1) retain the FDIC’s critical guidance handling pay day loans (“deposit advances”) produced by banking institutions; (2) make sure that little buck installment loans will set you back 36per cent APR or less and on the basis of the consumer’s ability to settle considering both earnings and costs; and (3) avoid bank partnerships that evade state rate of interest restrictions.

Retain deposit advance guidance handling high-cost loans that are payday. (more…)