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<DIV><FONT face=Arial>please sign the petition. susan</FONT></DIV>
<DIV style="FONT: 10pt arial">----- Original Message -----
<DIV style="BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A
title=act@credoaction.com href="mailto:act@credoaction.com">Matt Lockshin, CREDO
Action</A> </DIV>
<DIV><B>To:</B> <A title=sanutter@mcn.org href="mailto:sanutter@mcn.org">susan
nutter</A> </DIV>
<DIV><B>Sent:</B> Monday, February 25, 2013 7:39 AM</DIV>
<DIV><B>Subject:</B> Predatory banks.</DIV></DIV>
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<P style="MARGIN: 1em 0px; OVERFLOW: hidden"><FONT size=3><B><A
href="http://act.credoaction.com/r/?r=11560977&p=payday_banks&id=55267-1228355-Uv5kfQx&t=1">Stop
predatory payday lending from Wall Street banks
</A></B></FONT></P></DIV><!-- end headline --><!-- start petition text table -->
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<TD
style="PADDING-BOTTOM: 0px; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; PADDING-TOP: 12px"><EM>The
petition to federal banking regulators reads:</EM></TD></TR>
<TR>
<TD
style="PADDING-BOTTOM: 0px; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; PADDING-TOP: 0px"><B>"Payday
loans target financially vulnerable borrowers with excessively
harsh terms they cannot afford. These loans all too often push
families teetering on the brink of financial disaster right
off the cliff.<BR><BR>Stop big banks from offering predatory
payday loans to their poorest customers." </B></TD></TR><!-- start BUTTON: TAKE ACTION NOW -->
<TR>
<TD
style="PADDING-BOTTOM: 8px; LINE-HEIGHT: 15px; PADDING-LEFT: 12px; PADDING-RIGHT: 12px; COLOR: rgb(255,99,25); FONT-SIZE: 11px; PADDING-TOP: 12px">Automatically
add your name:</TD></TR>
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href="http://act.credoaction.com/r/?r=11560978&p=payday_banks&id=55267-1228355-Uv5kfQx&t=2"><!-- end one-click link --><IMG
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<DIV
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<P style="MARGIN: 1em 0px">Dear Susan,</P>
<P style="MARGIN: 1em 0px">Some of the nation's largest banks are
looking to make obscene profits by exploiting some of the country's
poorest people, and we need to make sure federal banking regulators
put a stop to it.</P>
<P style="MARGIN: 1em 0px">Banks like Wells Fargo, U.S. Bank, Fifth
Third Bank and Regions Bank have started marketing payday loans to
their customers.</P>
<P style="MARGIN: 1em 0px">These short-term, high-cost loans are
blatantly predatory. The fees charged for making these loans are
equivalent on average to more than a 300% annualized interest
rate.</P>
<P style="MARGIN: 1em 0px"><B>And while payday lenders like to
pretend it's a solution to a short-term cash crunch, the fact is
that they make their money when loan recipients pay off one loan by
taking out another payday loan, thereby falling into a cycle of debt
that's hard to escape. </B></P>
<P style="MARGIN: 1em 0px; OVERFLOW: hidden"><B><A
href="http://act.credoaction.com/r/?r=11560978&p=payday_banks&id=55267-1228355-Uv5kfQx&t=3">Tell
federal banking regulators: Stop predatory payday lending by some of
the country's biggest banks. Click here to automatically sign the
petition. </A></B></P>
<P style="MARGIN: 1em 0px">Payday loans are short-term cash loans
generally secured by a post-dated personal check written by a
borrower. A payday lender holds the check until the borrower's next
payday, when both the loan and a finance charge must be paid.</P>
<P style="MARGIN: 1em 0px">Compared to other types of loans, payday
loans are ridiculously (not to mention, unethically) expensive.</P>
<P style="MARGIN: 1em 0px">Payday loans don't help cash-strapped
families, they make their financial situation worse.</P>
<P style="MARGIN: 1em 0px">This is why a number of states either
heavily regulate or outright prohibit the practice of offering
payday loans.</P>
<P style="MARGIN: 1em 0px">But now some of the biggest banks have
started offering what are essentially payday loans, only instead of
holding a check to secure the loan, they simply setup an automatic
withdrawal from the checking account of their customers.</P>
<P style="MARGIN: 1em 0px"><B>Federal bank regulators have the power
to stop banks from offering payday loans, and need to take action
before the practice becomes more widespread.</B></P>
<P style="MARGIN: 1em 0px">Last month, five senators wrote to
federal banking regulators urging them to stop the banks from
offering payday loans, and we've heard from other advocates who work
on this issue that the <B>regulators are expected to make a decision
soon.</B></P>
<P style="MARGIN: 1em 0px; OVERFLOW: hidden"><B><A
href="http://act.credoaction.com/r/?r=11560978&p=payday_banks&id=55267-1228355-Uv5kfQx&t=4">Tell
federal banking regulators: Stop predatory payday lending by some of
the country's biggest banks. Click here to automatically sign the
petition. </A></B></P>
<P style="MARGIN: 1em 0px">The large banks making payday loans are
sophisticated financial institutions that extend credit at
exorbitant rates to largely financially unsophisticated borrowers
desperate for cash, without consideration of whether the borrowers
can repay the loan. It's almost the definition of predatory
lending.</P>
<P style="MARGIN: 1em 0px">And bank customers who take payday loans
land in a cycle of debt that on average takes 175 days to
escape.</P>
<P style="MARGIN: 1em 0px"><B>As our country begins to recover from
the economic crisis, the last thing we need is to allow more bad
loans. We need the banking regulators to act quickly to ensure this
predatory product does not become business-as-usual in our nation's
banking system. </B></P>
<P style="MARGIN: 1em 0px"><B>Click the link below to automatically
sign the petition telling federal banking regulators to stop big
banks from offering predatory payday loans to their poorest
customers. </B></P>
<P style="MARGIN: 1em 0px; OVERFLOW: hidden"><B><A
href="http://act.credoaction.com/r/?r=11560978&p=payday_banks&id=55267-1228355-Uv5kfQx&t=5">http://act.credoaction.com/r/?r=11560978&p=payday_banks&id=55267-1228355-Uv5kfQx&t=5</A></B></B></P>
<P style="MARGIN: 1em 0px"><B>Thank you</B> for speaking out.</P>
<P style="MARGIN: 1em 0px">Matt Lockshin, Campaign Manager <BR><A
href="http://act.credoaction.com/r/?r=19&id=55267-1228355-Uv5kfQx&t=6">CREDO
Action from Working Assets</A></P><!-- start BUTTON: TAKE ACTION NOW -->
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