Regions Drops Scrutinized Deposit Advance Loans

Law360, New York (January 15, 2014, 3:30 PM EST) -- Regions Financial Corp. on Wednesday announced that it would stop offering a so-called deposit advance loan product with many of the same characteristics of the payday loans that had drawn the ire of banking regulators by the end of the year.

In a statement, Birmingham, Ala.-based Regions said its operating unit Regions Bank would no longer offer its Ready Advance loan product to customers beginning Jan. 22. Small-dollar, short-term loans that, like Ready Advance, carry many of the same terms as payday loans have come under...
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