BRONX, N.Y., April 1, 2015 (GLOBE NEWSWIRE) — via PRWEB – Spring Bank, a residential district bank situated in the Southern Bronx, commends the customer Financial Protection Bureau for proposed guidelines that will end payday debt traps by ensuring customers can repay their loans.
Since 2014 Spring Bank has offered loan items that closely abide by the CFPBs recommendations-and then some. The financial institution’s “Borrow & Save” and “Credit Builder” loans had been designed to assist customers access affordable tiny buck credit while providing possibilities to build credit and cost cost savings.
“We applaud the CFPB when planning on taking actions that may protect customers instead 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 developing 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.
Spring Bank’s clients are generally benefiting. Whenever Rocque Acevado, a Bronx resident, required funds to journey to the Dominican Republic he looked to Spring Bank. “we required a tiny loan to get assist my father-in-law along with his immigration papers. (more…)KEEP READING