NCLC, on behalf of our low-income clients, submitted comments on the application to the Office of the Comptroller of the Currency (OCC) to charter Enova Interim Bank and to acquire Grasshopper Bank, NA.
The OCC should deny Enova’s application. At a time when President Trump is supporting a 10% interest rate limit on credit cards and national attention is focused on the affordability crisis, the Administration should not embark on the unprecedented step of approving a national bank dedicated to unaffordable lending at well over 100% APR with charge-offs over 50%.
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