Consumer Federation of America, March 15, 2023, FDIC Should Downgrade FinWise Bank Over Predatory ‘Rent-A-Bank’ Lending
“The FDIC must hold FinWise Bank accountable for the impact its lending has on consumers,” said Adam Rust, Senior Policy Advisor of the National Community Reinvestment Coalition. “FinWise’s ‘charter-as-a-service’ model doesn’t meet the conveniences and needs of borrowers. It conveniently serves the needs of predatory lenders. That contradiction underscores why it’s incumbent on the FDIC to downgrade FinWise on its CRA exam.”
