Oppose Overdraft Abuse and Bank Payday Lending
Tell the OCC to Crack Down on Predatory Practices
The Office of the Comptroller of the Currency (OCC) has proposed new guidance for the banks it regulates regarding overdraft programs and “deposit-advance products,” which are bank payday loans. These practices are clearly abusive. While the OCC acknowledges the problems with these practices within their guidance, the solutions they propose will not stop the abuses. In fact, they effectively give banks the green light to step them up.
The OCC is accepting public comment on their proposed guidance until August 8, 2011. Please send the OCC a note now asking them to strengthen their guidance.
Bank payday and overdraft abuses trap low-income Americans in cycles of high-cost debt, saddling them with triple-digit interest rates and draining their checking accounts through unfair fees.
Please act now, while the OCC is considering essential reform of these practices.
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