CFPB should stop deposit advance loans, groups say

03/5/2012 | MainStreet.com

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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