Bank of America justifies bankrolling predatory payday lenders
1/10/12
Over the last several months, we’ve been putting pressure on Bank of America to stop financing one of the greatest wealth-stripping schemes of our time: payday lending.
Just a few weeks ago, we received a letter from Bank of America with this response:
[Bank of America] regards payday lending as a strongly discouraged industry and we do not actively prospect for payday lenders.…[but] we bank a very small portfolio of payday lenders which have good compliance, consumer disclosure and collections practices
Hmm, can you say, ‘hypocritical’? …and, devastatingly so.
Bank of America knows that the payday loan industry provides little benefit to our communities, but they just can’t seem to ‘say no’ to the profits.
Thousands of you have already signed the petition or called Bank of America but, if their response letter tells us anything, they need to hear it from all of us.
