A consumer coalition voiced support to federal financial regulators' attempts to prevent payday lenders from using the electronic check system to debit their customer's checking accounts for loan payments.
The coalition of 30 consumer groups includes longtime payday loan opponents the Center for Responsible Lending, Consumer Federation of America and the National Consumer Law Center.
The coalition addressed its Oct. 24 letter to the Federal Reserve, CFPB, Comptroller of the Currency, FDIC, U.S. Justice Department, NCUA and FTC.
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