Nov 8th: FDIC Threatens Bankers Doing Business With Payday lenders

Published: Wed, 12/10/14

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"For example, the committee obtained a jarring account of a meeting between a senior FDIC regulator and a
banker contemplating serving a payday lending client. The official told the banker, “I don’t like this
product, and I don’t believe it has any place in our financial system. Your decision to move forward will
result in an immediate unplanned audit of your entire bank.”

Read more: http://paydayloanindustryblog.com/?p=2999

“… insisted that Chairman Gruenberg’s letters to Congress and talking points always mention pornography
when discussing payday lending.”

"Documents produced to the Committee reveal that senior FDIC policymakers oppose payday lending on personalgrounds, and attempted to use FDIC’s supervisory authority to prohibit the practice. Personal animus towards payday lending is apparent throughout the documents produced to the Committee. Emails reveal that FDIC’s senior FDIC's bank examiners “literally cannot stand payday,” and effectively ordered banks to terminate all relationships with the industry.

Federal Deposit Insurance Corporation’s Involvement in “Operation Choke Point” Staff Report,113th Congress,December 8, 2014 U.S. House of Representatives, Committee on Oversight and Government Reform, Darrell Issa (CA-49), Chairman.
Read more: http://paydayloanindustryblog.com/?p=2999