Lending Industry Practices

Support of provisions to provide consumers accurate and complete information on the costs of loans (terms, interest, fees and penalties).
Position In Brief: 

Support of consumer education, consumer protection, and shared information from lenders.

Lending Industry Practices

Support of:

  • Provisions to provide consumers accurate and complete information on the costs of loans (terms, interest, fees and penalties). Consumers would benefit if provided information about other financial options.
  • Provisions for all lenders to implement a tracking system to enable shared information on monitoring of loans; preventing overuse of rollovers and concurrent loans. Lenders should be encouraged to assist in providing consumer education.
  • Efforts of municipalities in Wisconsin to use the avenues available to regulate non-chartered lending businesses. The Milwaukee Task Force on Convenient Lending recommendations are reasonable standards.
  • Encouraging chartered financial institutions to maintain a presence in low to moderate income areas.
  • State and federal regulations for the most important elements of consumer protection in the form of limits on interest, term, rollovers, amount and number of concurrent loans.
Issues: 
League to which this content belongs: 
Wisconsin