Regulators study banks' role in online payday loans

02/24/2013 | New York Times (tiered subscription model), The

The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and New York's Department of Financial Services are looking into the role banks play in helping Internet-based payday lenders access customer money, sources say. Some banks allow payday lenders to withdraw payments automatically from borrowers' bank accounts in states where the loans are prohibited and after customers ask for the withdrawals to stop.

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New York Times (tiered subscription model), The

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