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As Colorado lawmakers wrangle over whether or not to regulate "payday loans" in the state, national mainstream banks are increasingly offering similar products-- short-term, high-interest loans secured by a pending paycheck. That's a bad thing, according to a consumer group that called on the Office of the Comptroller of the Currency to stop the practice.
DENVER-- Roughly 200 people gathered in front of the Wells Fargo "Cash Register" building downtown here Wednesday to protest "too big to fail" banks in general and Wells Fargo in particular-- financial institutions that outrageously mismanaged depositor savings and fueled the global economic crisis last year. The banks received taxpayer bailout funds to the tune of $700 billion, which they used at first to stay afloat but ultimately to increase profits and even lobby lawmakers to vote against consumer protections. Protesters took turns withdrawing their Wells Fargo savings.