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BMO Harris Bank Among Companies Sued Over Payday Loans

Bank of Montreal’s BMO Harris Bank was among the companies sued in class-action lawsuits by Maryland and Pennsylvania residents accusing the banks of working on behalf of payday lenders.

BMO Harris and other banks allow out-of-state payday lenders to access a processing system used by banks to credit and debit consumer checking accounts in states where such loans are illegal, according to the complaints filed in federal courts in Greenbelt, Maryland, and Philadelphia.