Regions Bank - drop the predatory payday loans!

On November 20th, 12,000 people called on Regions Bank to stop preying on vulnerable Americans with payday loans

Days before the OCC and FDIC are expected to release their final guidance on bank payday lending, community groups are mobilizing against Regions Bank’s predatory loan practices by delivering over 12,000  petition signatures collected by National People's Action and Americans for Financial Reform to the bank demanding they drop their "Ready Advance" payday product.The Federal Reserve, which regulates Regions bank, has not joined its fellow regulators in putting a stop to the worst abuses that characterize this product.As a member of the National People's Action coalition, CCI members are calling on the Federal Reserve to take seriously its mandate to preserve the safety and soundness of its banks and to protect consumers by immediately joining the OCC and the FDIC and putting a stop to products like Ready Advance.In solidarity with coalition groups, members of CCI delivered over 12,000 petitions to Regions Bank's regional headquarter locations. CCI and other community groups are demanding that Regions stop offering their destructive loans, marketed as “Ready Advance,” which come with annual interest rates that top 300% APR. The loans have high use rates among the elderly, people with disabilities, and the poor. See the national petition here: http://action.npa-us.org/page/s/regions-payday “300% interest rates are what we expect from the mob, not a federally regulated bank. Banks and the Federal Reserve must be focused on helping families build wealth, not strip it away. The Federal Reserve has to stop avoiding its responsibilities and bring itself into line with its peers, public opinion and common sense. " said George Goehl, Executive Director of National People's Action. Events are part of ongoing work by National People’s Action coalition to end predatory payday lending— and this is the second time in just the last year that NPA’s affiliates have visited Regions Bank branches to demand action.