Reinvestment Partners commends the OCC for the current content of this guidance. However, we encourage the OCC to additional protections and constraints to the bank payday product.
Leading financial justice organizations from four key states call on federal and state regulators to ban all types of payday lending. The organizations, from California, Illinois, New York, and North Carolina, released a report highlighting the need for strong state and federal laws, and filed detailed comment letters with federal regulators urging strong action to end payday lending by banks.
- Report: The Case for Banning Payday Lending: Snapshots from Four Key States
- Press Briefing: Audio Stream
- Press Briefing: Podcast
Our success in creating access to wealth-building credit was being undone by predatory mortgage lending. To end this destructive practice, Reinvestment Partners has played a leadership role in fighting abusive corporate practices and promoting legislative and regulatory solutions at the state and national level. With the publication of our book “Payday Lending, Too Much Month at the End of the Paycheck” in 2001, Reinvestment Partners again provided leadership in a five-year campaign to oppose this high-cost, short-term credit that erodes families financial stability. We are glad to celebrate the end of payday lending for North Carolina.