The National Consumer Law Center, on behalf of its low-income clients, Americans for Financial Reform Education Fund, Center for Responsible Lending, Consumer Federation of America, Consumer Reports, the National Association of Consumer Advocates and Public Citizen submitted comments to the Federal Deposit Insurance Corp. in connection with the FDIC’s review of 12 CFR Part 331, Federal Interest Rate Authority under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The comments urged the FDIC to rescind 12 C.F.R. § 331.4(e) in order to reverse the 2020 amendment regarding the permissible interest rate charged by nonbank assignees of bank loans.
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