Seeking Alpha, February 4, 2022, FDIC should stop permitting banks from ‘predatory lending,’ advocates say
The Federal Deposit Insurance Corp. (FDIC) among other US regulators should stop allowing banks that partnered with fintechs to “engaging in high-cost predatory lending,” the National Community Reinvestment Coalition, Consumer Reports, the NAACP, the Center for Responsible Lending and other groups said in a letter Friday.
Advocates pointed out six banks that have fronted for costly non-bank consumer lenders, including: Republic Bank and Trust, FinWise Bank, Capital Community Bank, First Electronic Bank, Transportation Alliance Bank and Lead Bank.
