FDIC urged to stop banks from allowing ‘predatory’ lenders
Posted onAuthorPaul B. ArgoComments Off on FDIC urged to stop banks from allowing ‘predatory’ lenders
By Katryna Perera (February 4, 2022, 7:21 PM EST) – Fifteen advocacy organizations on Friday called on the Federal Deposit Insurance Corporation to end what they say is a pattern of some of its supervised institutions facing lenders predators that evade state interest rate caps.
In a letter sent to three FDIC board members, the organizations said several FDIC member banks are helping predatory lenders provide loans with high annual percentage rates, some as high as 225%.
“These bank leasing schemes often operate under the guise of innovative ‘fintech’ products, even though their high-cost, high-default business model inflicts damage similar to that inflicted by traditional wage…
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