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 could end payday debt traps by ensuring customers can repay their loans.

Since 2014 Spring Bank has provided loan products which closely stick to the CFPBs recommendations-and then some. The financial institution’s “Borrow & Save” and “Credit Builder” loans had been designed to assist consumers access affordable little buck credit while supplying possibilities to build credit and savings.

“We applaud the CFPB to take actions that may rather protect consumers than miring them in affordable debt,” said Spring Bank President Eric Pallas. “Financial addition is the core of our objective, which is why in 2014 the U.S. Read More