On March 18, 2020, the Wisconsin Department of banking institutions (вЂњDFIвЂќ) given crisis guidance to licensed lenders and payday lenders cautioning them from increasing customary interest levels, charges, or any expenses of borrowing in reaction to your COVID-19 crisis.
DFI clearly warned that increases are going to be supervised closely and therefore any increases could matter the lending company to a unfavorable choosing. Any such increases in reaction to your COVID-19 crisis is considered вЂњan crucial failure of the lendersвЂ™ character and physical fitness. to phrase it differentlyвЂќ
DFI further warned that willfully engaging in opportunistic and exploitative conduct could cause the suspension system or revocation regarding the lenderвЂ™s license beneath the character and physical fitness demands for companies, officers, and directors. (more…)