Stop Predatory Bank Payday Lending

The Issue

Wells Fargo, US Bank, Fifth Third and Regions Bank are marketing payday loans that are no less damaging for borrowers than storefront payday loans. Bank regulators must act quickly to stop payday lending from becoming business as usual in our nation's banking system.

Like storefront payday loans, bank payday loans are priced at nearly 400% annual interest, and their short terms create a cycle of debt that turns customers into trapped borrowers.

The heads of the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Depost Insurance Corporation should know that reasonable people will not stand for this unreasonable financial practice.

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CENTER FOR RESPONSIBLE LENDINGPetition StarterThe Center for Responsible Lending is a nonprofit, non-partisan organization that works to protect homeownership and family wealth by fighting predatory lending practices. Our focus is on consumer lending: primarily mortgages, payday loans, credit cards, bank overdrafts and auto loans. Since we began in 2002, we have witnessed, studied, and fought against outrageous lending abuses that strip billions of dollars from American families.
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This petition had 61 supporters

The Issue

Wells Fargo, US Bank, Fifth Third and Regions Bank are marketing payday loans that are no less damaging for borrowers than storefront payday loans. Bank regulators must act quickly to stop payday lending from becoming business as usual in our nation's banking system.

Like storefront payday loans, bank payday loans are priced at nearly 400% annual interest, and their short terms create a cycle of debt that turns customers into trapped borrowers.

The heads of the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Depost Insurance Corporation should know that reasonable people will not stand for this unreasonable financial practice.

avatar of the starter
CENTER FOR RESPONSIBLE LENDINGPetition StarterThe Center for Responsible Lending is a nonprofit, non-partisan organization that works to protect homeownership and family wealth by fighting predatory lending practices. Our focus is on consumer lending: primarily mortgages, payday loans, credit cards, bank overdrafts and auto loans. Since we began in 2002, we have witnessed, studied, and fought against outrageous lending abuses that strip billions of dollars from American families.
Media inquiries

The Decision Makers

Key Bank Regulators
Key Bank Regulators
Ben S. Bernanke; Martin Gruenberg; John Walsh, Richard Cordray

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Petition created on March 7, 2012