NYT editorial on banks and “deposit advances” that work like payday loans

"New guidelines issued by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency for banks they oversee stop short of completely disallowing deposit advances. But the guidelines should reduce the banks’ profits while making the loans less onerous to borrowers." The Times urges the Fed to follow suit in regulating banks' lending practices.

Read the full piece here.



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