Under the cover of the #COVID19 crisis, @CFPB, @FDICgov, @USOCC, @federalreserve, & @TheNCUA issued small dollar bank lending guidance that lacks the consumer protections needed to ensure loans do not trap borrowers in a cycle of debt. #StopTheDebtTrap 1/3 nclc.org/media-center/c…
The guidance doesn't warn against unaffordable interest rates & says balloon payments may be appropriate. “Balloon-payment bank payday loans just leave a hole in the next paycheck when a family’s financial situation will only be worse." @lsaundersnclc 2/3 nclc.org/media-center/c…
“This is the worst possible time for banks to make predatory payday loans. Government regulators have opened the door for banks to exploit people, rather than to help them" #StopTheDebtTrap 3/3 @civilrightsorg @NAACP @CRLONLINE @RealBankReform @ConsumerFed nclc.org/media-center/c…
