The state Department of Financial Institutions (DFI) has issued emergency guidance for payday and licensed lenders. DFI Secretary Kathy Blumenfeld notes that 53 percent of Wisconsinites live paycheck-to-paycheck, and many will be turning to lenders for help.
DFI cautions payday and licensed lenders that increasing interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis may result in license suspension or revocation. The department also encourages the reduction of rates and fees as low as operational expenses and sound lending practices allow.
At the direction of @GovEvers the Wisconsin Department of Financial Institutions (DFI) issued emergency guidance today on character and fitness requirements for all payday and licensed lenders doing business in Wisconsin. https://t.co/bnHkqwdVae pic.twitter.com/Ziinu5CY7q
— Wisconsin DFI (@WIS_DFI) March 18, 2020
“This is a time of uncertainty and financial strain for many in this state, and our lenders are in a position to help,” Blumenfeld said. “Wisconsin needs them to be a part of the solution for struggling families by acting with the character and ingenuity this crisis demands.”