Log in to WRAL.com with one click using your favorite social network:
OR
Log in using your WRAL.com account:



Wrong email/password combination.

Forgot password?

Register with WRAL.com using your favorite social network:
OR
Register for a WRAL.com account using our web form.

4:38 a.m. • 5-21-13

Weather Forecast for Raleigh

  • Today: Thunderstorm.
    • Hi: 82° F
  • Wed: Thunderstorm.
    • Hi: 84° F
  • Thu: Thunderstorm.
    • Hi: 80° F

Other Locations

> 7 Day Forecast

Doppler Image
@NCCapitol
money in hands, dollar, sales tax, spending generic

[search] Site Search

print friendly

Regions Bank stops controversial loans

By Mark Binker

Published: 2013-01-16 17:50:00
Updated: 2013-01-16 17:54:45

Posted: January 16

Tags: Chris Kukla, Payday Lending

Raleigh, N.C. — Consumer advocates are declaring victory after a small, out-of-state bank dropped a controversial loan product likened to payday lending.

Regions Bank offered "Regions Ready Advance" to account holders, allowing consumers to borrow up to $500 by pledging the next direct deposit that comes into their bank account.

“The people of North Carolina and the North Carolina legislature have consistently said they do not want payday lending in our borders,” said Chris Kukla, Senior Vice President for the Center for Responsible Lending. “We’re glad that Regions Bank has decided to stop thumbing its nose at our North Carolina laws and has dropped this product in our state.”

Kukla was one of a number of consumer advocates who, along with Attorney General Roy Cooper, objected to the loan program. 

 

Copyright 2013 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Read More Posts from this Blog

0 Comments


WRAL.com welcomes your comments on this story. All comments are moderated prior to publication based on our posting guidelines. Please review them prior to posting and if your message is not approved.

This story is closed for comments. Comments on WRAL.com news stories are accepted and moderated between the hours of 8 a.m. and 8 p.m. Monday through Friday.

Multimedia Spotlight

more
@ NC Capitol
more | RSS
@ NC Capitol
more | RSS

Political Video Picks

 
←→

  • Capitol Bureau Chief Laura Leslie and investigative reporter Mark Binker break down the North Carolina Senate's budget proposal.

  • The Senate budget subcommittee on health and human services gives a presentation on May 20, 2013.

  • North Carolina Attorney General Roy Cooper and a number of local law enforcement officials from across the state on Monday criticized…

  • Some teachers say the proposed Senate budget, which includes no pay raise for teachers and other changes to education funding, is…

  • Lawmakers called it a step toward a more expansive biometric system that would use identifiers such as fingerprints to keep track of…

  • Attorney General Roy Cooper and other law enforcement officials speak out against the Senate's budget proposal to move the SBI under…