Tell regulators to crack down on Wells Fargo’s payday lending
Wells Fargo offers a short-term, high-cost, payday-style loan called the Deferred Deposit Advance in 26 states, including Illinois. These loans:
• Charge annual percentage rates up to 180 percent
• Are not underwritten based on ability to repay
• Can spring a debt trap that may last up to a year
• Evade state consumer protection laws
Woodstock Institute’s research shows that payday loans disproportionately affect communities of color. Wells Fargo’s payday loans also exploit a loophole in the Military Lending Act that provides even stronger consumer protections for service members.
Please sign on to or modify this letter and send it to the OCC to let them know that high-cost payday lending violates Wells Fargo’s community obligations under CRA. If you would prefer to draft your own letter, you can send it to the address below. To sign on to Woodstock’s letter, contact Katie Buitrago at email@example.com or 312-368-0310.
Read the letter telling bank regulators to stop Wells Fargo payday lending
It’s critically important that as many organizations and individuals as possible comment to the OCC. Examiners count the number of letters from various perspectives during the CRA review process, so please take a moment to participate in this campaign.
For more information, please contact Katie Buitrago at firstname.lastname@example.org or 312-368-0310.
Thank you for advocating for consumers!
CRA is a federal law that imposes an affirmative obligation on banks to serve the credit needs of low- and moderate-income communities and to take steps to provide equal access to responsible financial products and services to traditionally underserved populations. Learn more about CRA.
Contact the OCC at:
Barry Wides, Deputy Comptroller of Community Affairs
Office of the Comptroller of the Currency
250 E Street SW Mailstop 7-3
Washington, DC 20219-3208