October 16, 2018 / 12:21 AM / a month ago

Payday lenders seek judgment in Operation Choke Point lawsuit

Three payday lenders suing federal banking regulators for allegedly trying to put them out of business by cutting off their access to banking services have asked for a judgment in their favor, saying evidence shows that they were denied due process rights.

In a motion on Friday in Washington D.C. federal court, the payday lenders asked the court to order the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency (OCC) to issue a public clarification that payday lending is not a high-risk business and that banks will not be subject to heightened scrutiny by having payday lenders as customers.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2yJumOv

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