National Peoples Action on Regions Bank’s Announcement Today That They Will Be Ending the Practice of Predatory Payday Lending

FOR IMMEDIATE RELEASE:
Wednesday, 15 January 2014
CONTACT: Brett Abrams | 516-841-1105 | brett@fitzgibbonmedia.com

National Peoples Action on Regions Bank’s Announcement Today That They Will Be Ending the Practice of Predatory Payday Lending

Group Urges Federal Reserve To Issue Similar Rules

This morning, Regions Bank announced a major decision to end its “Ready Advance” predatory payday lending service. The following is a statement from George Goehl, executive director of National Peoples Action:

“We need banks to help families build wealth, not strip it away. That is why this announcement is a victory for Regions Bank’s customers and Americans who are feeling the pinch of rising inequality. We applaud Regions for making this move.

We urge the Federal Reserve to issue guidance similar to those recently adopted by the OCC and FDIC that would finally end the practice of big banks profiting off of these payday loan lookalikes.”

This announcement by Regions Bank follows a months long campaign led by National People’s Action (NPA) and their affiliates Illinois People’s Action, Iowa Citizens for Community Improvement, and GRO Missouri demanding that the Bank end their “Ready Advance” product and create a product that helps consumers in a financial emergency without trapping them in long-term cycles of debt.

In November, NPA and their affiliates delivered more than 12,000 petitions signatures to Regions Bank and their branches in Missouri, Illinois, and Iowa. NPA also sustained online pressure throughout the fall, with tweets to @AskRegions from consumers across the country demanding to know why the bank was preying on it's own customers.

For more information, or for interviews with George Goehl of National Peoples Action, please contact Brett Abrams at 516-841-1105 or by email at brett@fitzgibbonmedia.com.

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Campaign: 
Stop Predatory Lending