Bank Of America Agrees To Scan For Illegal Payday Lenders In NY

Editor’s note: The CFPB, a federal agency, has proposed new rules for payday, car title, and high-cost installment lenders.

 

 

BUT, they need to hear from consumers- that means you! We have an easy-to-use page where you can weigh in- it only takes a minute and will help bring about important consumer protections with these loans. Please share a line or two in the comments box about why you care about this issue and want to see strong federal reforms.

PS: You do NOT have to be a payday, car title, or installment borrower to sign the petition.

Bank of America agrees to scan NY database to ensure they’re not helping illegal payday lenders. Via Consumerist.

Consumerist

(Michael Daddino) (Michael Daddino) Payday lending is illegal in more than a dozen states, including New York, but some lenders manage to fly under the radar by operating online or hiding their loans as part of another business. In an effort to crackdown on loans that violate state laws, New York has created a database for banks to use to help identify sketchy lenders, and Bank of America — no stranger to the issue of questionable loans — is the first to sign on.

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