Spring Bank Applauds CFPB Efforts to Rein in Cash Advance Excesses

Spring Bank Applauds CFPB Efforts to Rein in Cash Advance Excesses

Spring Bank’s “Borrow & Save” and Credit Builder Loans are already New that is helping Yorkers Predatory Lenders & Build Assets

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

Since 2014 Spring Bank has provided loan items that closely stick to the CFPBs recommendations-and then some. The lender’s “Borrow & Save” and “Credit Builder” loans had been intended to assist customers access affordable tiny buck credit while supplying possibilities to build credit and cost savings.

“We applaud the CFPB when planning on taking actions that may protect customers instead than miring them in affordable debt,” stated Spring Bank President Eric Pallas. “Financial addition is the core of y our objective, which is why in 2014 the U.S. Treasury certified Spring Bank as a residential area developing standard bank.” CDFIs are organizations offering 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 Cash Advance Excesses”