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Payday loan provider’s emails tell a various tale on Choke aim

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Payday loan provider’s emails tell a various tale on Choke aim

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 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