| What if your grandmother’s bank was taking a chunk of her Social Security check every month and nobody stopped them? All over the country, big banks like Wells Fargo, U.S. Bank, Fifth Third Bank and Regions Bank have gotten directly into the payday loan business, and one of their favorite targets for these loans are people who rely on Social Security income.[1] This means that seniors and people with disabilities – including older Black Americans and Latinos, who rely on Social Security income at more than double the rate of whites[2] – are especially vulnerable to these exploitative practices. Federal bank regulators have the power to get banks out of the payday lending business – and we can’t let them turn a blind eye to this dangerous and discriminatory practice. Click here to join us in calling on federal regulators to get banks out of payday lending! Big banks give these loans names like “Direct Deposit Advance” when they are really just payday loans — a predatory lending practice that exploits the most vulnerable folks in our communities. Payday loans don’t help cash-strapped seniors and families — these loans send them into deeper debt. Bank customers who get sold these payday loans land in a cycle of debt that on average takes 175 days to escape. Americans are already struggling under mountains of debt — they can’t afford more. It’s time for federal regulators to step in and end these exploitative practices immediately. Sign the petition to tell regulators to get big banks out of the payday lending business. Let’s do this! — Amanda, Charlene, Liz and the rest of the NPA team 1. http://www.responsiblelending.org/payday-lending/research-analysis/big-bank-payday-loans.html 2. http://www.ssa.gov/policy/docs/statcomps/income_pop55/2010/sect09.pdf connect with us     Want to support our work? NPA fights for financial reform, accountable government, and economic and racial justice. Chip in here. |
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| National People's Action (NPA) is a Network of community power organizations from across the country that work to advance a national economic and racial justice agenda. National People's Action is headquartered at: 810 North Milwaukee Ave Chicago, IL 60642
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