OCC Opens Door For Abusive Bank Payday Lending

OCC Opens Door For Abusive Bank Payday Lending

Agency choice to rescind bank payday guidance draws critique from a lot more than 100 faith leaders, customer advocates, civil liberties companies across U.S.

WASHINGTON, D.C. – One day following the workplace regarding the Comptroller for the Currency (OCC) rescinded its 2013 guidance to control bank that is predatory loans, a lot more than https://tennesseepaydayloans.org/ 100 faith leaders, customer advocates, and civil liberties businesses from in the united states answered by urging banking institutions to commit to not ever enter, or reenter, this financial obligation trap market.

The 100+ teams delivered the OCC a duplicate of a page urging banks to pledge that they’ll perhaps perhaps perhaps not begin making loans that are payday. The page additionally urges banking institutions to oppose the rollback associated with the essential customer defenses that keep other banking institutions from performing this. Continue reading “OCC Opens Door For Abusive Bank Payday Lending”