Payday Lending in North Carolina
North Carolina had a brief brush with payday lending. But it was banned by the State Attorney General Roy Cooper in 2006. However, banks are not bound by state law, and Regions Bank from Alabama is offering payday loans in North Carolina in a program they call "Ready Advance." Some are worried that Regions Bank will open the door for other banks to do the same. Host Frank Stasio will be joined in the studio by Ellen Harnick, the Senior Policy Counsel for the Center for Responsible Lending.