REPORT: The Predators' Creditors
9/14/10
Wells Fargo, BofA, others provide $1.5 Billion to Lenders who prey on working poor with high interest loans
Same Banks Received TARP Bailout Funds from Taxpayers
Our new report reveals that Wall Street’s biggest banks are extending billions of dollars in credit to payday loan companies that feed on the economic misery of urban and rural low income working families -- providing short term loans at usuriously high interest rates.Wells Fargo is the biggest single enabler of payday lenders, followed by Bank of America, JPMorgan Chase, US Bank, Banco Popular and Wachovia. Wells Fargo finances about one-third of this predatory industry, according to the report by National People’s Action, based on SEC and other government filings from public companies only.
"The very same banks that tanked the economy and then needed hundreds of billions in taxpayer funded bailouts, are now aiding the bottom feeders of the financial industry as they strip wealth away from American families facing tough economic times," said George Goehl, executive director of National People's Action.
