New Joint Bank Regulators’ Guidance Not an Excuse for Banks to Return to Issuing Payday Loans
Around a decade ago, banks’ “deposit advance” products put borrowers in an average of 19 loans per year at more than 200% annual interest Important FDIC consumer protections repealed WASHINGTON, D.C. – Today, four banking regulators jointly issued new small dollar lending guidance that lacks the explicit consumer protections it should have. At the same time, it does require that...