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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.

United statesDistrict of columbiaNorth carolinaSherrod brownChris van hollenNotre dameJosh steinCharlene crowellThomas pikettyGetty senFrederickc haynesJesus chuy garcNational association of federal credit unionsFrederick haynes howard university photo creditBaptist fellowshipUnited states inc