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>> WELLS FARGO Latest News

APR 25, 2013 - Washington Business Journal

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Regulators target short-term loans like those offered at U.S. Bank, Wells Fargo

U.S. Bancorp and Wells Fargo were reviewing new regulatory warnings on payday-loan-like products Thursday, but did not say whether they plan to change their offerings. The Office of the Comptroller of the Currency warned that banks that offer deposit advances — small loans repaid with direct deposits into a customer's account — could hurt their institutional reputations or incur losses from customers who get in too deep. The short-term loans can turn into long-term "debt traps," according to…

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