And so the federal agency that insures bank deposits, the FDIC, is asking banking institutions to offer some competition.

And so the federal agency that insures bank deposits, the FDIC, is asking banking institutions to offer some competition.

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Tess Vigeland: For people in this nation whom reside paycheck to paycheck, often the only method to pay bills is through going to a payday lender. These storefront operations have quickly grown in to a $40 billion industry. But more regularly than perhaps maybe perhaps not, pay day loans come with triple digit rates of interest that trap borrowers in a spiral of financial obligation. The FDIC, is asking banks to provide some competition so the federal agency that insures bank deposits. From WCPN in Cleveland, Mhari Saito reports.

Mhari Saito: whenever Jacqueline Oliver first tried loans that are payday she enjoyed just just how effortless and convenient they certainly were. Continue reading “And so the federal agency that insures bank deposits, the FDIC, is asking banking institutions to offer some competition.”