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First Financial Service in Kentucky and State Employees' Credit Union in North Carolina believes their products are responsible and avoid taking advantage of borrowers. But they are concerned that the CFPB could pressure them to end their programs.
November 18 -
The agency has set up a database in which borrowers can file complaints about excessive fees, incorrect charges or other problems with payday loans, the CFPB announced Wednesday.
November 6 -
The fireworks over a Pew Charitable Trusts report on lump-sum payday loans continued Friday as Pew challenged criticisms of its survey methodology.
November 1 -
Federal policymakers should make payday lenders structure their loans to be repaid over time, according to a report released Wednesday by the Pew Charitable Trusts.
October 31 -
A response to Bill Isaac's Aug. 13 post, "Why Payday Loans are Good for Millions of People."
August 15
Community groups are uniting to protest Regions Financial's (RF) short-term loan program, calling on the Birmingham, Ala., company to ditch its "Ready Advance" product.
Demonstrations against the Ready Advance product are set to take place Wednesday in Regions offices in Decatur, Ill., Urbandale, Iowa, and Columbia, Mo., according to a press release from grassroots organization network National People's Action. The group said it had collected 12,000 signatures urging Regions to drop the product, which it likens to payday loans.
"We deserve better than to be swindled at our neighborhood bank," Cherie Mortice, Iowa Citizens for Community Improvement Board member, said in the release. "It's time for regulators to step in and ban these loans, and in the meantime we demand that Regions CEO Grayson Hall pull them off the market."
The group also directed its ire at the Federal Reserve, Regions' primary national regulator, for failing to join other regulators in imposing restrictions on banks' deposit advance loans. Earlier this year, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. issued
Regions' Ready Advance product charges a $1 cash advance fee for each $10 advanced to customers. Borrowers who take out advance loans can wind up paying an annual percentage rate of 120% or more, according to the company's
A Regions spokeswoman declined to comment on the release from National People's Action or their plans.
