Defining Predatory Lending
There is no official definition of predatory lending. However, some useful concepts have been put forward. One, from John Taylor, President, National Community Reinvestment Coalition, is a credit program that "is not in the interests of consumers." The next time your institution pushes a new credit product or designs a new marketing campaign, ask yourself and those pushing the product whose interests they are serving. If the product only serves the lender, think at least twice before moving forward with it.
Copyright © 2002 Compliance Action. Originally appeared in Compliance Action, Vol. 7, No. 13, 11/02
First published on 11/01/2002