The Center for Responsible Lending, an affiliate of the $410 million Self-Help Credit Union in Durham, N.C., has issued a report attacking six banks for continuing to offer loans it says carry very high interest rates and behave like payday loans.
The six banks are Wells Fargo, U.S. Bank, Regions, Fifth Third, Bank of Oklahoma and its affiliates and Guaranty Bank.
None of the banks named has yet responded to requests for comment on the report, but Wells Fargo has a Frequently Asked Questions document on its website about its Direct Deposit Advance program, the loan program named in the center report.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
