Across party lines, state attorneys general, banking regulators, credit unions, academic scholars, state
legislators, faith leaders, and civil rights, consumer, disability rights, housing, labor, legal services, senior
rights, small business, and veterans organizations agree that a bank’s mere name on a piece of paper should not allow predatory lenders to hide behind a fake lender in order to evade state usury laws.
This issue brief from the Stop The Debt Trap coalitions urges Congress to approve the Congressional Review Act resolution, S.J. Res. 15/H.J. Res. 35, overturning the OCC “fake lender” rule to protect consumers, especially veterans, small business owners, and communities of color, and to prevent state usury laws in at least 45 states from becoming a “dead letter.”
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