Payday & Installment Loans Archives

Bipartisan Group of 25 State Attorneys General Urge Congress to Repeal OCC “True Lender” Rule

April 21, 2021

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)…

Nearly 140 Scholars Call for Congressional Repeal of “True Lender” Rule

April 20, 2021

FOR IMMEDIATE RELEASE: April 20, 2021 OCC Rule Usurps Role States Have Had Since Founding of the Nation in Protecting Families from Usurious Lending A group of 138 scholars, including professors of banking law and consumer finance regulation, from 43 states and the District of Columbia sent a letter today to Congress urging it to…

Congress Introduces Resolution to Rescind OCC’s “Fake Lender” Rule, Which Protects Predatory Lenders’ Evasions of State Interest Rate Limits

March 25, 2021

FOR IMMEDIATE RELEASE: March 25, 2021 325+ groups representing all 50 states and the District of Columbia called for Congress to support a resolution to overturn a rule that helps triple-digit interest rate loans evade state and voter-approved interest rate caps and spread across the country WASHINGTON, D.C. – Advocates at the National Consumer Law…

Days Before Crucial Deadline, the National Consumer Law Center Joins Over 325 Groups Calling for Congress to Rescind “Fake Lender” Rule that Facilitates Predatory Loan Schemes

March 22, 2021

FOR IMMEDIATE RELEASE: March 22, 2021 Only a majority vote in Congress would be needed to overturn rule that helps triple-digit interest rate loans evade state and voter-approved interest rate caps and spread across the country Link to coalition letter: http://bit.ly/CRA-fake-lender WASHINGTON, D.C. – With just a few days left before a crucial deadline, a…

2021 Banking Agency Predatory Lending and Safe Banking Priorities

January 1, 2021

Urgent action is needed to stop the use of rent-a-bank arrangements and new types of bank charters to eviscerate state interest rate limits that stop predatory lending.

Civil Rights and Consumer Groups File Amicus Brief in Support of States’ Challenge to OCC Rule that Enables Predatory Lending

December 22, 2020

FOR IMMEDIATE RELEASE: December 22, 2020 Advocates argue that the OCC letter issued late Friday will not save the OCC rule that facilitates usurious loans with interest rates that are higher than what state laws allow WASHINGTON, D.C. – Several civil rights and consumer groups filed an amicus brief in support of the attorneys general…

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