Community Groups Call on Regions Bank to Stop Predatory Payday Loans

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For Immediate Release: August 12, 2013
Contact: Molly Haigh, 907-750-1999, molly@fitzgibbonmedia.com

Community Groups Call on Regions Bank to Stop Predatory Payday Loans

Petition and Letter Call on Regions to Drop Loans that Prey on Poor, Elderly, and People with Disabilities; Letter Deliveries to Regions HQs in IA, IL, MO


Today, grassroots community groups in Illinois, Missouri, and Iowa are all delivering letters to Regions Bank branches to demand the bank stop offering predatory payday loans. Nearly 100 people in total will visit Regions branches today, coinciding with a new national petition to the bank by economic and racial justice group National People’s Action.

Everyday people are calling Regions out as a predatory lender. The loans, marketed as “Ready Advance” come with interest rates that can top 300% APR with high usage by vulnerable families like the elderly, people with disabilities, and the poor.

See the letter here: http://goo.gl/2LUzvg

“We are sick of Regions Bank sucking our communities dry while pretending to be an upstanding bank. Region's Bank Ready Advance is a payday loan, and like all payday loans, this is a disservice to our community's economic health and well-being. While we hope regulators will step in and ban predatory payday loans once and for all-- in the meantime we are calling on Regions Financial Corporation CEO Grayson Call to stop offering these payday loans,” said Reverend Michael Hoy of Decatur IPA.

“Banks should help people build wealth, not strip it away. Regions Bank needs to stop taking advantage of Americans between a rock and a hard place and drop their payday lending product – Ready Advance – immediately,” said George Goehl, Executive Director of National People’s Action.

See the just launched national petition here: http://action.npa-us.org/page/s/regions-payday

Today’s actions are part of ongoing community opposition to dangerous payday loans, including work organized through affiliates of National People’s Action.

To contact Regions Bank for comment call:
Evelyn Mitchell, 205.264.455, evelyn.mitchell@regions.com


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National People's Action (NPA) is a network of grassroots organizations with a fierce reputation for direct action from across the country that work to advance a national economic and racial justice agenda. NPA has over 200 organizers working to unite everyday people in cities, towns, and rural communities throughout the United States through direct-action, house meetings and community organizing

   

 

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