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Barb Kalbach on big banks financing payday lenders

Barb Kalbach on big banks financing payday lenders

My name is Barb Kalbach, I am a fourth-generation family farmer and nurse from rural Iowa and a longtime member of Iowa Citizens for Community Improvement (CCI).

Last week I called the offices of Bank of America CEO Brian Moynihan to tell him to stop financing payday lenders.  I talked to a young man Moynihan’s office and told him that I thought payday lending was an outrageous, predatory practice, and if Bank of America was serious about investing in communities they would get out of the business completely.

I told him that I live near Creston, IA, a small town of about 5,000 people that has a community college, a large nursing home, and three payday lenders.

Now, why in the world would a town of just 5,000 people need three payday lenders?  In this case, I believe it is because they are targeting the students and aging population of Creston.  They are preying on people who might fall into a desperate situation and making people poor.  Every year in Iowa nearly $40 million leaves our cash-strapped state in fees to out of state payday lending corporations.

I told that young man in Moynihan’s office that there’s no other way to describe what these payday lenders are doing except to call it disgusting.  I told him that as long as Bank of America continued to finance payday lenders, I wasn’t going to be doing any business with Bank of America.  To be a huge bank, to take from the poor in such a shady way, is just so unethical.  I told them they should be doing something positive – take that money and invest in communities.  Bring that money back to places like Creston, a community that could really use some fresh development.

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