Operation Choke Point: FDIC Surrenders to PDL & Small Dollar Industry
Published: Wed, 05/22/19
“We uncovered how some FDIC leaders and officials executed a campaign motivated by personal scorn for our industry, contempt for our millions of customers, and blatant disregard for due process. This settlement will help to prevent this disenfranchisement from happening again – to our business or any other legal, regulated business.” Chief Legal Officer Jessica Rustin, Advance America.
Read the entire Press Release immediately here:
https://paydayloanindustryblog.com/operation-choke-point-fdic-surrenders-to-payday-small-dollar-loan-industry/
It took 5 years but “Operation Choke Point” has been dealt a SEVERE blow.
Consumers, lenders, and vendors all owe a HUGE thank you to these companies and those of you who support the industry associations and participated on this long, arduous, expensive journey!
SPARTANBURG, S.C., PRNewswire/ — Advance America and Check Into Cash announced today that they have reached a settlement with the Federal Deposit Insurance Corporation (FDIC) regarding Operation Choke Point, the FDIC program that pressured banks to cut ties with certain categories of lawful businesses, including payday lenders.
“Five years after taking the extreme and costly step of suing federal regulators, we are pleased with the FDIC’s actions to address past efforts to cut off our companies’ access to the U.S. banking system,” said Jessica Rustin, Advance America’s Chief Legal Officer. “We uncovered how some FDIC leaders and officials executed a campaign motivated by personal scorn for our industry, contempt for our millions of customers, and blatant disregard for due process. This settlement will help to prevent this disenfranchisement from happening again – to our business or any other legal, regulated business.”As a result of this settlement agreement, the FDIC will issue... [More: visit the link above to read the entire piece.]