Dimon Pledges to alter JP Morgan’s Techniques on Pay Day Loans

Dimon Pledges to alter JP Morgan’s Techniques on Pay Day Loans

Jamie Dimon, the leader of JPMorgan Chase, vowed on Tuesday to alter the way the bank relates to Internet-based payday lenders that automatically withdraw re re re payments from borrowers’ checking reports.

At an investor conference on Tuesday, Mr. Dimon called the training, that was the topic of a write-up into the ny circumstances on Sunday, “terrible.” He stated JPMorgan ended up being examining the issue and will make modifications.

While JPMorgan Chase will not directly make the loans, the financial institution, as well as other leaders like Bank of America and Wells Fargo, enable the web payday loan providers to subtract re payments from clients’ checking records, even yet in the 15 states where in actuality the loans are banned completely. (mais…)

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