BAI Banking Strategies Daily

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Banks Balk at New Rules for Small Loans

June 17, 2013

Wells Fargo, the largest bank offering "deposit-advance" loans, has told regulators it will stop offering the loans if plans for tougher rules are finalized, according to comments published last month with the Office of the Comptroller of the Currency.

Wells Fargo, the largest bank offering "deposit-advance" loans, has told regulators it will stop offering the loans if plans for tougher rules are finalized, according to comments published last month with the Office of the Comptroller of the Currency. U.S. Bancorp of Minneapolis and Regions Financial Corp. of Birmingham, Ala., have also told regulators that the proposed new rules would raise the costs and complexity of offering such loans. They also argue the proposals would slash the availability of credit to consumers.

Author: Wall Street Journal (06/17/13) Sidel, Robin; Zibel, Alan

Source: "Banks Balk at New Rules for Small Loans"

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