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Predatory lenders put Florida small businesses at risk | Commentary

Predatory lenders put Florida small businesses at risk | Commentary
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Consumer groundswell calls for end to bank-supported predatory loans - Los Angeles Sentinel

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 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%. ....

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Senate Votes to Repeal Trump Rule Helping Predatory Lenders Trap People in Debt

Senate Votes to Repeal Trump Rule Helping Predatory Lenders Trap People in Debt
Then-President Donald Trump walks away after speaking to the press before departing from Andrews Air Force Base in Maryland on October 31, 2020.
MANDEL NGAN / AFP via Getty Images
By
The U.S. Senate on Tuesday voted largely along party lines to repeal a Trump-era rule that has made it easier for predatory payday lenders to dodge state-level interest rate limits and trap vulnerable, low-income people in debt.
By a vote of 52-47 with Sens. Cynthia Lummis (R-Wyo.), Susan Collins (R-Maine), and Marco Rubio (R-Fla.) crossing the aisle in support the Senate passed a Congressional Review Act (CRA) resolution that would undo the Trump administration’s change, which financial industry watchdogs and consumer advocacy groups have taken to calling the “fake lender” rule. ....

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Opinion: Congress should reject the false 'true lender' rule

Print
President Trump pushed his administration to eliminate rules rather than to adopt them, and many of its regulators took that to heart especially the ones that oversee the financial industry. The Office of the Comptroller of the Currency, which helps oversee banks, even found a way to undercut
state lending strictures through a rule it issued in October 2020: the “true lender” regulation, which enabled predatory lenders to evade state interest rate caps by partnering with out-of-state banks.
Congress can overturn this rule, but at least one chamber has to start the process by passing a resolution of disapproval by May 21. This week, the Senate may take up a proposal by Sens. Chris Van Hollen (D-Md.) and Sherrod Brown (D-Ohio) to cancel the OCC’s disingenuously named rule. If senators vote in the interests of their state and not their party, it will pass easily, as it should. ....

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Charlene Crowell: Consumer Groundswell Calls for End to Bank-supported Predatory Loans

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 December 2020, the rule facilitates a scheme whereby payday and high-cost installment lenders pay fees to banks for use of their name and charter to dodge state interest rate laws by claiming the bank’s exemption from those laws for itself. ....

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