Regions Bank stops controversial loans
Consumer advocates said the small bank was offering a product that amounted to a payday loan.
Posted — UpdatedRegions 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.”
Related Topics
Copyright 2024 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.