Advocates Urge Federal Appellate Court to Correct Reading of Federal Statute Permitting States to Reclaim Usury Authority
The brief supports the State of Colorado and reversal of a federal district court decision in the case, NAIB v. Weiser.
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Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees
Senator Jack Reed (D-RI) introduced the Predatory Lending Elimination Act, which extends to veterans and all consumers the 36% annual percentage rate cap found in the Military Lending Act and prevents the use of junk fees to hide high-cost loans.
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2023 Update: Some States Tighten Rules Against High-Cost Installment Loans; Others Increase Interest Rates and Allow Junk Fees to Pile On
Clear Rate Caps that Prevent Evasions are Critical to Protecting Consumers from Unaffordable Loans
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199% Auto Repair, Pet Loans Face Crackdown by DC, States
DC joins two states in stopping rent-a-bank loans by EasyPay Finance and TAB Bank that evade state interest rate laws WASHINGTON – Advocates applauded today’s announcement by the Office of the Attorney General (AG) of the District of Columbia that DC has forced EasyPay Finance to stop making loans up to 198.98% despite DC’s 24%…
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New Colorado Law a Model for Stopping Predatory Rent-a-Bank Lending
Advocates applauded a new Colorado law signed yesterday by Gov. Jared Polis to protect Coloradoans from predatory lending through “rent-a-bank” schemes.
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FDIC Should Downgrade Three Banks Engaged in Predatory “Rent-a-Bank” Lending
Utah’s Capital Community and First Electronic Banks and Kentucky’s Republic Bank & Trust accused of predatory lending, evasions of state interest rate limits WASHINGTON — A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah’s Capital Community Bank (CC Bank)…
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