Spring Bank’s “Borrow & Save” and Credit Builder Loans are currently assisting brand new Yorkers Avoid Predatory Lenders & Build Assets
BRONX, N.Y., April 1, 2015 (GLOBE NEWSWIRE) — via PRWEB – Spring Bank, a residential district bank located in the Southern Bronx, commends the buyer Financial Protection Bureau for proposed guidelines that could end payday debt traps by ensuring consumers can repay their loans.
Since 2014 Spring Bank has provided loan items that closely stick to the CFPBs recommendations-and then some. The lender’s “Borrow & Save” and “Credit Builder” loans had been intended to assist customers access affordable dollar that is small while supplying possibilities to build credit and cost cost savings.
“We applaud the CFPB when planning on taking actions which will rather protect consumers than miring them in affordable debt,” stated Spring Bank President Eric Pallas. “Financial addition is the core of your mission, and that’s why in 2014 the U.S. Treasury certified Spring Bank as a residential district Development standard bank.” CDFIs are organizations that provide solutions to low-income individuals residing in areas underserved by conventional banking institutions, and had been first designated by Congress in 1994.