Spring Bank Applauds CFPB Efforts to Rein in Cash Advance Excesses
Spring Bank’s “Borrow & Save” and Credit Builder Loans are currently assisting New Yorkers Avoid Predatory Lenders & Build Assets
Spring Bank, a grouped community 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.
Spring Bank has provided loan items that closely stick to the CFPBs recommendations-and then some. The financial institution’s “Borrow & Save” and “Credit Builder” loans were intended to assist customers access affordable dollar that is small while supplying possibilities to build credit and cost cost savings.
“We applaud the CFPB to take steps which will rather protect consumers than miring them in affordable debt,” stated Spring Bank President Eric Pallas. “Financial addition is the core of y our objective, and that’s why in 2014 the U.S.…