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from the report:
Wells Fargo is the biggest single enabler of payday lenders, the report finds, followed by Bank of America, JPMorgan Chase, US Bank, Banco Popular and Wachovia. Wells Fargo finances about one-third of this predatory industry based on SEC and other government filings from public companies only.
Bank of America and Wells Fargo, specifically, played a crucial role in the rise of the largest payday lender, Advance America, which operates more than two times as many storefronts as its next closest competitor. Bank of America Wells Fargo and Wachovia provided $40-50 million in credit to Advance America before the company operated a single store. Both banks continue to finance Advance America.
Bank of America and Wells Fargo, specifically, played a crucial role in the rise of the largest payday lender, Advance America, which operates more than two times as many storefronts as its next closest competitor. Bank of America Wells Fargo and Wachovia provided $40-50 million in credit to Advance America before the company operated a single store. Both banks continue to finance Advance America.
from the report:
- Two Bear Stearns executives guided the rise of payday lender Dollar Financial, and two Goldman Sachs executives sat on the company’s board when it went public.
- Advance America’s executives and board members have ties to Bank of America, Morgan Stanley, and Credit Suisse.
- Bank of America and its subsidiaries own significant stakes (more than 1%) in four of the top five publicly held payday lenders: Advance America, EZCORP, Cash America, and Dollar Financial.