Customer advocates dubbed the arrangement “rent-a-bank. ”

Customer advocates dubbed the arrangement “rent-a-bank. ” That approach worked well for payday lenders until federal banking regulators enacted guidelines discouraging banks from working together with payday loan providers. The Santee Sioux Nation of Nebraska and the Miami Nation of Oklahoma, intervened in the case, claiming that they actually owned the businesses after months of …

Customer advocates dubbed the arrangement “rent-a-bank. ” Read More »