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Consumer groundswell calls for end to bank-supported predatory loans By Charlene Crowell OCC calls it ‘True Lender’, but coalition says it’s really ‘Fake Lender’   Last October during the throes of the COVID-19 pandemic and its rippling economic downturns, a key federal financial regulator adopted a rule that blesses the “rent-a-bank” scheme where predatory lenders partner with banks to evade state interest rate limits. Known as the “True Lender” rule, the Office of the Comptroller of the Currency (OCC) gave a green light to predatory lenders. It effectively overrides a str...

*Last October during the throes of the COVID-19 pandemic and its rippling economic downturns, a key federal financial regulator adopted a rule that blesses the “rent-a-bank” scheme where predatory lenders partner with banks to evade state interest rate limits. Known as the “True Lender” rule, the Office of the Comptroller of the Currency (OCC) gave a green light to predatory lenders. It effectively overrides a string of state laws in almost every state enacted to end abusive payday, car-title, and installment loans with explosive interest rates of more than 100%. Taking effect in late...

Min Today, the Senate Banking Committee is holding a hearing titled “The Reemergence of Rent-a-Bank?” The goal of this event is to start the process of turning back progress made under the Trump administration to help those with less access to the banking system than others, e.g. younger people, people of color, and immigrants.  Democrats claim they want to help society’s most vulnerable, yet their efforts to roll back what’s known as the “True Lender Rule” would leave the unbanked and underbanked out in the cold. They would hurt small, community banks which struggle to com...

Home » Latest News, Newsroom » AG News Release: Hawaii Attorney General Urges Congress to Rescind a Proposal Allowing Predatory Lenders to Take Advantage of Consumers AG News Release: Hawaii Attorney General Urges Congress to Rescind a Proposal Allowing Predatory Lenders to Take Advantage of Consumers Posted on Apr 22, 2021 in Latest News, Newsroom HONOLULU – Hawaii Attorney General Clare E. Connors joined a bipartisan coalition of 25 attorneys general led by Illinois Attorney General Kwame Raoul in urging Congress to use the Congressional Review Act to rescind the Office of the Comptro...

To embed, copy and paste the code into your website or blog: New York, California and six other States filed a widely expected lawsuit on January 5 seeking to invalidate the “True Lender” Rule recently issued by the Office of the Comptroller of the Currency (“OCC”).  As we previously reported, the OCC’s True Lender Rule — finalized in October and effective since December 29 —provides bright-line tests for determining, in the context of a lending partnership between a national bank (or federal thrift) and a third-party (often a FinTech or other non-bank firm), which entity actua...