Daily News: January 20, 2014

WSJ: Major Banks Halt Short-Term Loans Amid Regulatory Scrutiny

The Wall Street Journal reported large U.S. banks will stop offering a form of short-term borrowing that has attracted regulatory scrutiny and complaints from consumer advocates over the loans’ costs.

The Journal said further Wells Fargo, U.S. Bancorp and Fifth Third Bancorp said they would stop providing so-called deposit advance loans, allowing customers to borrow money against future deposits into their checking accounts; Regions Financial previously said it planned to discontinue a similar service by year’s end.

To read the entire Journal article, click here.