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Letter to FDIC Regarding Change in Control, KMD Partners, LLC to Acquire Liberty Bank, Inc.
We ask the FDIC not to approve the application from KMD Partners, LLC to acquire Liberty Bank, Inc. (Salt Lake City, Utah), including acquiring control of the bank. The change in control presents three fundamental problems: First, Liberty Bank has itself demonstrated a poor record of meeting its community reinvestment obligations. Second, KMD Partners is…
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National Consumer Law Center Advocates Praise U.S. House Vote to Repeal National Banking Regulator’s Predatory Lending Rule
OCC Rule Protects High-Cost Lenders that use Rent-a-Bank Schemes to Evade State Interest Rate Laws Washington, D.C. – Advocates at the National Consumer Law Center applaud the U.S. House vote to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a federally-chartered bank’s name on the paperwork. The…
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New Bank Regulator Leadership Welcome; Congress Still Must Roll Back Rule Promoting Predatory Lending
For Immediate Release: May 5, 2021 Washington, DC – Advocates welcomed reports that Treasury Secretary Janet Yellen plans to appoint a new acting head of the Office of the Comptroller of the Currency (OCC), replacing Blake Paulson, in light of the highly deceptive and false claims that the agency, under Paulson’s leadership, put forward as…
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Credit Union Regulator Must Not Facilitate Predatory Lending, Groups Say in Comment Letter
FOR IMMEDIATE RELEASE: May 3, 2021 WASHINGTON, D.C. – Credit unions and advocates registered their strong opposition to a proposal by the National Credit Union Administration (NCUA) that would allow credit union subsidiaries to engage in predatory lending that is explicitly illegal for federal credit unions. The proposal by NCUA, which regulates credit unions across…
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Bipartisan Group of 25 State Attorneys General Urge Congress to Repeal OCC “True Lender” Rule
FOR IMMEDIATE RELEASE: April 21, 2021 Letter Reflects Bipartisan Support for State Interest Rate Caps and the Need to Stop “Rent-a-Bank” Evasions by Predatory Lenders In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA)…
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