We have written to regulators manytimes saying that bank payday loans have the same effect on communities as storefront payday loans. Our own research shows that payday loans disproportionately affect low-wealth families and communities of color.
Banks often get around state usury regulations using loopholes in the definition of payday lending. It’s time for regulators to get serious about closing these loopholes and regulating the payday loans offered by banks.
Sign onto CRL’s letter and voice your support for financially sound communities.