Banking institutions to payday lenders: stop business or we’ll close your bank account
Al LePage was issuing pay day loans away from a residential district Minneapolis storefront for many for the decade that is past. But on Valentine’s Day, a Water Wells Fargo banker called and gave him thirty days to stop and desist — or risk losing their banking account.
LePage is a component of a revolution of payday loan providers who state they’ve been being persecuted by banking institutions in the behest of federal regulators. Currently under siege by the federal government for flouting state rules, payday lenders now face