Nation | Economy | Business

Regulators Warn Banks On Direct-Deposit Loans

NPR | April 25, 2013 5:16 p.m.

Contributed By:

John Ydstie

Regulators are warning some of the nation’s largest banks to stop offering loans that are hard to distinguish from those given out by storefront payday lenders. The banks have been offering high-interest-rate, short-term loans to customers with direct deposit as an advance on their paychecks.

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