ABC4, February 4, 2022 Four Utah banks targeted for laundering predatory loans of up to 225% APR
With the Federal Deposit Insurance Corporation (FDIC) under new leadership and following a departure from the corporation’s chair on Friday, advocates are calling for the FDIC to stop certain Utah banks from “fronting for predatory lenders.”
The four banks in Utah are FinWise Bank, Capital Community Bank, First Electronic Bank and Transportation Alliance Bank. The letter by advocates also cites Republic Bank & Trust of Kentucky and Lead Bank of Missouri. Each of the six banks schemes are presented in the letter.
NCRC was part of the coalition that wrote and submitted the letter to the FDIC.
