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
- 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.
League to which this content belongs:Wisconsin