JPMorgan Chase Is Reining In Payday Lenders. JPMorgan Chase will likely make modifications to guard consumers who possess lent funds from a rising energy on|power that is rising} the online world — payday lenders offering short-term loans with interest levels that will meet or exceed 500 %.
JPMorgan, the nation’s biggest bank by assets, gives clients whoever bank records are tapped by the online payday loan providers more power to stop withdrawals and shut their records. Under modifications become revealed on Wednesday, JPMorgan may also restrict the costs it charges clients once the withdrawals tripped penalties for returned payments or inadequate funds. […]