Spring Bank Applauds CFPB Efforts to Rein in Pay Day Loan Excesses

Spring Bank Applauds CFPB Efforts to Rein in Pay Day Loan Excesses

Spring Bank’s “Borrow & Save” and Credit Builder Loans are currently assisting brand new Yorkers Avoid Predatory Lenders & Build Assets

BRONX, N.Y., April 1, 2015 (GLOBE NEWSWIRE) — via PRWEB – Spring Bank, a residential area bank situated in the Southern Bronx, commends the customer Financial Protection Bureau for proposed guidelines that will end payday debt traps by ensuring customers can repay their loans.

Since 2014 Spring Bank has offered loan products which closely stay glued to the CFPBs recommendations-and then some. The financial institution’s “Borrow & Save” and “Credit Builder” loans had been intended to assist customers access affordable little dollar credit while supplying possibilities to build credit and cost cost savings.

“We applaud the CFPB to take actions which will protect consumers instead than miring them in affordable debt,” stated Spring Bank President Eric Pallas. “Financial addition is the core of your objective, which is why in 2014 the U.S. Treasury certified Spring Bank as a residential area developing lender.” CDFIs are organizations that provide solutions to people that are low-income in areas underserved by conventional banking institutions, and had been first designated by Congress in 1994. Continue reading “Spring Bank Applauds CFPB Efforts to Rein in Pay Day Loan Excesses”