Payday loan providers have traditionally blamed bias at federal agencies for banking institutions’ choices to end their reports, but professionals at certainly one of the country’s biggest high-cost lenders acknowledged a far more complicated truth in newly released e-mails.
While Advance America, an online payday loan string that runs in 28 states, had been accusing regulatory officials of strong-arming banking institutions to cut ties with payday loan providers, top professionals during the Spartanburg, S.C.-based company were citing bankers’ issues about anti-money-laundering conformity.