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President Biden Signs Bipartisan Bill to Curb Predatory Lending - Los Angeles Sentinel

President Biden Signs Bipartisan Bill to Curb Predatory Lending - Los Angeles Sentinel
lasentinel.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lasentinel.net Daily Mail and Mail on Sunday newspapers.

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Floor Speech on Congressional Review Act Resolutions S. J. Res. 13, 14 and 15

Floor Speech on Congressional Review Act Resolutions S. J. Res. 13, 14 and 15
speaker.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from speaker.gov Daily Mail and Mail on Sunday newspapers.

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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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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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