January 11, 2024

In the past few days, Kathleen Pierce, the NPA’s GRC Liaison and long-time pawnbroker in Illinois, has received two troubling reports about pawn businesses and major banks.

▪ Wells Fargo has notified a customer of five years’ standing that it is terminating their relationship soon. That pawnbroker went to JP Morgan Chase’s branch in their town and was told that Chase would not open accounts for their business because the word “loan” is in their business’ trade name.

▪ TD Bank told …