Category Archives: Bank Installment Loans

Payday loan provider’s e-mails tell a story that is different Choke aim

Payday lenders have long blamed bias at federal agencies for banks’ decisions to end their reports, but professionals at certainly one of the nation’s largest high-cost lenders acknowledged an even more complicated truth in newly released e-mails.

While Advance America, a quick payday loan string that runs in 28 states, had been accusing regulatory officials of strong-arming banking institutions to cut ties with payday loan providers, top professionals in the Spartanburg, S.C.-based business had been citing bankers’ concerns about anti-money-laundering conformity.

The email messages were released by the banking regulators in court filings that rebut the payday lenders’ allegations of misconduct.

Companies that provide high-cost, short-term loans to customers have accused the Federal Deposit Insurance Corp. as well as the workplace regarding the Comptroller for the Currency of waging a stealth campaign — with the Department of Justice’s process Choke aim — to shut them from the bank operating system. Continue reading