We are supporting Rhode Island H 6055, which prevents predatory rent-a-bank lenders from evading the state’s interest rate limits.
Read More about Testimony in Support of Rhode Island H 6055 on Interest and Usury
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
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,…
Read More about EGRPRA Comments to FDIC on Interest Rate Authority
The National Consumer Law Center, the Center for Responsible Lending and the Student Borrower Protection Center submitted to the Office of the Comptroller of the Currency, Federal Reserve System, and Federal Deposit Insurance Corp. on the Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses. The comments focus…
Read More about Comments on Risks of Bank-Fintech Arrangements Involving Lending
At least 45 states and the District of Columbia (DC) cap rates on at least some installment loans. But high-cost lenders are increasingly using rent-a-bank schemes with a small number of rogue banks, which are not subject to state interest rate limits, to evade state rate caps on installment loans and lines of credit.
The brief supports the State of Colorado and reversal of a federal district court decision in the case, NAIB v. Weiser.
