Predatory Rent-a-Bank Schemes are Evading State Law Across the Country; Congress Must Repeal the OCC's Fake Lender Rule
Voters across the country, on a bipartisan basis, support state interest rate limits. Voters also strongly support enforcement of the law and oppose evasions by rent-a-bank schemes. But the “fake lender” rule by the Office of the Comptroller of the Currency (OCC) allows predatory lenders to evade state interest rate laws by hiding behind a…