TAB Bank Under Fire for Predatory Practices

Bank underwrites loans for usurious lenders

Photo by Philipp Pilz on Unsplash

There’s more news about how TAB Bank is a lender of choice for predatory nonbank lenders using “rent-a-bank” schemes to charge triple-digit interest rates.

Taking on the Predators at TAB Bank

Inside Mortgage Finance reports that consumer advocates are specifically targeting TAB’s relationship with EasyPay Finance — a provider of predatory puppy loans as well as auto repair financing.

Steered Into Debt: How EasyPay Finance Traps Consumers in High Interest Loans

Here’s how Inside Mortgage Finance describes the situation:

The groups claimed TAB insufficiently underwrites consumer loans for ability to repay, and that consumer complaints indicated TAB’s loans undermine consumers’ financial health and were deceptive. NCRC President and CEO Jesse Van Tol said CRA evaluations should take qualitative aspects of lending…