May 12, 2021 — Issue Brief

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 bank’s name on a piece of paper. That is why Congress must approve S.J. Res. 15 to overturn the fake lender rule.