“@FDICgov must crack down on irresponsible rent-a-bank lending by banks such as @FinWise Bank, which enables payday lenders @OppLoans and @risecreditUS to make loans up to 160% APR in states where those rates are illegal,” said @NCLC4consumers @lsaunders:https://www.nclc.org/media-center/pr-civil-right-and-consumer-groups-implore-the-fdic-to-say-no-to-bank-payday-loans-and-rent-a-bank-payday-lending.html …
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“Banks should not make debt trap loans at excessive rates, or without considering the consumer’s ability to repay in light of income and expenses," said
@CRLonline@rkborne. https://www.nclc.org/media-center/pr-civil-right-and-consumer-groups-implore-the-fdic-to-say-no-to-bank-payday-loans-and-rent-a-bank-payday-lending.html …#36istheFix#StoptheDebtTrapShow this thread -
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@FDICgov banks have never made bank payday loans, for good reasons, and it would be dangerous to let them start doing it now,” said@civilrightsorg@RobRandhava. https://www.nclc.org/media-center/pr-civil-right-and-consumer-groups-implore-the-fdic-to-say-no-to-bank-payday-loans-and-rent-a-bank-payday-lending.html …#StoptheDebtTrap#civilrightsShow this thread
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payday, car title, and installment loans.