This story won’t go away
April 13, 2010 | alternatives, industry | Comments (1)From a news release from Solomon Finance:
Due in part to looming and uncertain regulations this year big banks are starting to look to new products and services in an attempt to minimize potential losses in the wake of these upcoming regulatory changes, reports Solomon Finance. Whether these changes will be profitable remains to be seen, but actions are already being taken to stop big banks like Wells Fargo and U.S. Bank from offering loans similar to those offered by the Payday Loan Industry. A recent report from the Center For Responsible Lending states, “Wells Fargo, which recently acquired Wachovia, has offered its Direct Deposit Advance product since 1994…… This growing trend may soon accelerate.”
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