Bank of America justifies bankrolling payday lenders

Over the last several months, we’ve been putting pressure on Bank of America to stop financing one of the greatest wealth-stripping schemes of our time: payday lending. Just a few weeks ago, we received a letter from Bank of America with this response: “[Bank of America] regards payday lending as a strongly discouraged industry and we do not actively prospect for payday lenders.…[but] we bank a very small portfolio of payday lenders which have good compliance, consumer disclosure and collections practices” Read the letter, watch the video and take action to stop Bank of America from financing wealth-stripping: http://www.npa-us.org/payday-action