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Big Banks Finance Payday Lenders

Wednesday, September 15, 2010 - 9:04 PM
The Public Accountability Initiative (NAI) and the National People's Action (NPA) released a report on how major banks are helping to fund the payday loan industry. Excerpts from a review of the report:
The report estimates that big banks extend up to $3 billion in financing to payday lenders, based on a review of SEC and UCC filings. Wells Fargo lends to more payday companies than any other; Bank of America, JPMorgan, and US Bank also finance payday lending.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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