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  • December 6, 2020
  • by Admin

As OCC Procedures Backward on Payday Lending Oversight, Banks Shouldn’t Follow

As OCC Procedures Backward on Payday Lending Oversight, Banks Shouldn’t Follow Legalized loan sharking has different disguises: payday advances, automobile name loans, high-cost installment loans. Pay day loans are often created by a storefront in the part or with a nonbank online lender, but until a 2013 {federal intervention,|intervention tha small number of banking institutions had been wading in these waters, too, calling their typically 300 % interest pay day loans “deposit advances.” Many of these products that are financial a enterprize model rooted in trapping borrowers in unaffordable loans. (more…)
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