Pols Want Crackdown On Banks Over Payday-Lender Links

Law360, New York (February 27, 2014, 4:30 PM EST) -- Thirteen members of Congress urged the U.S. Department of Justice to crack down on banks and third-party payment processors for potentially facilitating predatory lending and financial scams, in a letter sent to U.S. Attorney General Eric Holder on Thursday.

Sen. Jeff Merkley, D-Ore., and Rep. Elijah E. Cummings, D-Md., along with 11 other lawmakers, asked Holder to keep pressuring financial institutions to heed laws that require them to detect “red flags” that may indicate payments are connected to fraud, money laundering or illegal payday lending....
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