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Archive for the ‘Cheap Installment Loans’ category

Payday loan providers have long blamed bias at federal agencies for banking institutions’ decisions to end their reports, but executives at certainly one of the nation’s largest high-cost lenders acknowledged an even more complicated truth in newly released e-mails.

A payday loan chain that operates in 28 states, was accusing regulatory officials of strong-arming banks to cut ties with payday lenders, top executives at the Spartanburg, S.C.-based company were citing bankers’ concerns about anti-money-laundering compliance while Advance America.

The email messages had been released by the banking regulators in court filings that rebut the lenders that are payday allegations of misconduct.

Companies that provide high-cost, short-term loans to customers have actually accused the Federal Deposit Insurance Corp. while the workplace associated with Comptroller for the Currency of waging a stealth campaign — with the Department of Justice’s procedure Choke Point — to shut them out from the bank operating system.

The payday lenders have uncovered evidence that some Obama-era regulatory officials were hostile to their industry during a four-year legal battle. Much of the payday industry’s criticism has centered on the FDIC in specific.

But in court documents which were unsealed on Friday, the FDIC pointed to anti-money-laundering conformity issues — in place of any vendettas that are personal to spell out why specific payday lenders destroyed a few of their bank records. Read more »