Pawn Loans Good Option for Americans Without Checking Accounts

Money: Piggy Bank Upside Down Isolated on White Background

America’s Un- and Underbank A recent report from the FDIC indicates that approximately 23.2 million Americans do not have a bank checking account. As a result, for these Americans, pawn shops can operate as “mini-banks,” providing collateral loans for consumers in need of financial assistance. Even for consumers that do have checking accounts, many face

What are the federal laws that regulate the pawn industry?

What are the federal laws that regulate the pawn industry? Internal Revenue Service Form 8300 Bank Secrecy Act U.S. Office of Foreign Asset Controls’ “Specially Designated Nationals” Regulations USA PATRIOT Act U.S. Financial Crimes Enforcement Network’s “Precious Metals Dealers” Rule Truth in Lending Act Gramm-Leach-Bliley Financial Services Modernization Act of 1999 (GLBA) FTC/CFPB Privacy Regulations