An article appearing in American Banker on February 7, 2023 by Penny Crossman quotes Lauren Saunders in coverage of the Federal Deposit Insurance Corporation’s (FDIC) lowering Transportation Alliance Bank’s Community Reinvestment Act rating from “satisfactory” to “needs to improve,” based on the behavior of one of its fintech lending partners.
“TAB Bank has been disserving the community through its predatory rent-a-bank loans and deserves this downgrade,” Lauren Saunders, associate director of the National Consumer Law Center, said.”No bank should help predatory lenders evade state interest rate laws and make destructive loans that put people in a debt trap.”
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