Today, 14 state attorneys general submitted a comment to the Federal Deposit Insurance Corporation in response to the FDIC's request for comment on small-dollar lending. The attorneys general urged the FDIC to ensure consumers are protected from high-interest predatory small dollar loans.
The letter is here.
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Unfortunately for many Americans borrowing money to survive is mandatory. Allowing lenders to prey on the weakest people in society only makes many in our nation more vulnerable to either a financial collapse, bankruptcy, and even homelessness. The FDIC knows citizens are being destroyed by predatory behavior by lenders. Most Americans who default on these predatory loan are attacked soon after by malicious or belligerent attorneys who add significant charges and fees to an already outrageously high repayment amount charged to disadvantaged borrowers. Government agencies must do their morally responsible duty and change or eliminate this type of corrupt predatory lending forever.