Payday lenders have long blamed bias at federal agencies for banking institutions’ decisions to end their accounts, but executives at certainly one of the nation’s largest high-cost lenders acknowledged a far more complicated reality in newly released e-mails.
A payday loan chain that operates in 28 states, was accusing regulatory officials of strong-arming banks to cut ties with payday lenders, top executives at the Spartanburg, S.C.-based company were citing bankers’ concerns about installmentloansonline.org/ anti-money-laundering compliance while Advance America.
The e-mails had been released by the banking regulators in court filings that rebut the lenders that are payday allegations of misconduct.
Companies that provide high-cost, short-term loans to consumers have actually accused the Federal Deposit Insurance Corp. in addition to workplace associated with the Comptroller associated with the Currency of waging a stealth campaign — with the Department of Justice’s process Choke Point — to shut them from the bank system. Read More