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B of A and Other Banks Back Credit Union to Solve Payday Problem

JUL 17, 2014 1:23pm ET

Regulatory constraints make it hard for banks to offer payday and other short-term loans, so why not refer those potential customers to credit unions who can? Some banks -- including Bank of America, TD and South State -- have decided this is a good strategy and helped start a credit union in South Carolina to do the job.

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