CFPB should stop deposit advance loans, groups say

03/5/2012 |

About 250 advocacy groups are urging the Consumer Financial Protection Bureau to put an end to bank deposit advance loans. The loans "are designed to trap people," said Kathleen Day, a spokeswoman for the Center for Responsible Lending. But banks have "strict limits and protections to help customers avoid becoming overextended," said Teri Charest, a US Bank spokeswoman. The CFPB says it will examine such products as part of its payday lending inquiry.

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