Subject Material Specialists
Many Recent Press Releases
Most Recent Testimony and Responses
Senators Inform FDIC to prevent Permitting Payday Lenders Lease Bank Charters
Washington, D.C. – Consumer Federation of America (CFA) applauded Senator Charles Schumer and five other Senators for contacting Donald Powell, Chairman of this Federal Deposit Insurance Corporation, to finish the abuse of federally insured state banking institutions to greatly help payday lenders evade state usury and little loan regulations.
Payday advances are fast money loans at triple-digit rates of interest centered on individual checks or access that is electronic borrowers’ bank accounts due in full from the borrowers’ next payday. Customers spend $6 billion a 12 months to borrow $40 billion in pay day loans. Customers targeted by payday loan providers are low to middle-income group, armed forces, and minorities. (more…)