­

Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; ask Congress to pass through Federal 36% Interest Rate Cap Limit

Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans; ask Congress to pass through Federal 36% Interest Rate Cap Limit

WASHINGTON, D.C. – Consumer advocates slammed any office of this Comptroller regarding the Currency (OCC) for the final guideline released today that encourages online non-bank installment loans minnesota loan providers to launder their loans through banking institutions to enable them to provide high-cost triple-digit loans in states where such loans are unlawful. The Federal Deposit Insurance Corp. Proposed a rule that is similar hasn’t finalized it. The principles had been highly compared by way of a bipartisan band of solicitors basic in addition to by many community, customer, civil liberties, faith and small company businesses, and could face appropriate challenges. […]