Washington, DC – Oregon’s Senator Jeff Merkley released the following statement after the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) announced new guidelines to limit predatory “advance deposit” loans, which are similar to payday loans.
“I applaud the OCC and FDIC, and especially Comptroller Curry, for taking action to protect consumers from predatory loans. Americans work hard to make ends meet for their families, and when big banks turn around and make loans with hidden fees and sky-high interest rates, they’re plainly exploiting people and must be stopped. Those kinds of predatory practices trap working families and seniors in a vortex of debt, which is bad for consumers, bad for the financial system, and bad for economic growth. The OCC and FDIC are absolutely right to act.
“Today’s news is also a fresh reminder that there is more that can be done across all fronts to protect consumers and shield working families from predatory loans.”