State Department of Financial Institutions Warns Lenders Not to Take Advantage of COVID-19 Crisis
Friday, March 20th, 2020 -- 10:54 AM
(WRN) -The state Department of Financial Institutions has issued emergency guidance for payday and licensed lenders.DFI Secretary Kathy Blumenfeld notes that 53 percent of Wisconsinites live paycheck-to-paycheck, and many will be turning to lenders for help. DFI cautions payday and licensed lenders that increasing interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis may result in license suspension or revocation.
The department also encourages the reduction of rates and fees as low as operational expenses and sound lending practices allow.
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