Bank Charters Archives

Trump Administration Must Deny Enova's Bid to Make 100% APR Loans In Every State

April 16, 2026

President Trump’s Administration may be on the verge of approving an unprecedented national bank application that would allow a lender to expand lending at interest rates of 100% or higher all over the country. These loans would be more than 10 times as costly as the cap President Trump has promoted on credit card interest…

Comments on the Application to Charter Enova Interim Bank & Acquire Grasshopper Bank

February 27, 2026

NCLC, on behalf of our low-income clients, submitted comments on the application to the Office of the Comptroller of the Currency (OCC) and to the Federal Reserve Board (Fed) to charter Enova Interim Bank and to acquire Grasshopper Bank, NA. The OCC and Fed should deny Enova’s application. At a time when President Trump is…

Letter Supporting Close the Shadow Banking Loophole Act

January 29, 2026

NCLC joined banking and consumer organizations in thanking Senators Kennedy and Kim for introducing the Close the Shadow Banking Loophole Act, which would close the industrial loan company (ILC) loophole in current law. In light of recent approvals by the FDIC of ILC applications for Ford Motor Company and General Motors Company, as well as…

Comment Letter to OCC in Opposition to First National Digital Currency Bank Charter Application

July 30, 2025

NCLC joined various consumer organizations in a letter opposing the application by Circle Internet Group, Inc. (“Circle”) for a national trust bank charter under the name First National Digital Currency Bank, N.A. (“FNDCB”). Circle is a stablecoin issuer seeking to obtain a national bank charter. Granting a national trust bank charter to any stablecoin issuer…

Consumer Advocates Urge Regulators to End Predatory Bank-Fintech Partnerships

October 31, 2024

WASHINGTON — The Center for Responsible Lending (CRL), National Consumer Law Center (NCLC), and the Student Borrower Protection Center (SBPC) submitted comments urging bank regulators to end bank-fintech partnerships that engage in predatory lending, evade the law, and pose a high risk of unfair, deceptive, or abusive practices and violations of consumer protection laws. “Banks should…

Letter Supporting S.3538, the Close the Shadow Banking Loophole Act

December 15, 2023

NCLC supports the Close the Shadow Banking Loophole Act, which would close the industrial loan company loophole that enables companies to obtain a bank charter and the privileges of a bank, including preemption, without the full oversight and obligations of other banks.

Protecting Consumers by Stopping Online Lenders from Evading State Laws

October 19, 2023

A webinar exploring Colorado’s recent legislative victory against high-cost lenders who use Rent-A-Bank arrangements to skirt Colorado interest rates.

Watch Recording Read More about Protecting Consumers by Stopping Online Lenders from Evading State Laws

199% Auto Repair, Pet Loans Face Crackdown by DC, States

July 12, 2023

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%…

Crypto Companies, Others, Must Stop Misusing FDIC’s Name and Logo

April 6, 2023

Consumer Advocates Support Proposed Rule to Address False Advertising and Misrepresentations of Deposit Insurance Coverage WASHINGTON — New rules proposed by the Federal Deposit Insurance Corporation (FDIC) are needed to prevent crypto firms and fintech banking apps from misleading customers by representing or suggesting that these companies and accounts are insured by the FDIC, according…

Comments to FDIC Regarding False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC's Name or Logo

April 6, 2023

The National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform Education Reform Fund, Consumer Reports, Student Borrower Protection Center, Public Justice Center, Public Good Law Center, U.S. PIRG, Consumer Federation of America, and Better Markets submitted comments regarding the Federal Deposit Insurance Corporation’s (FDIC) recent proposed changes to part 328…

Letter to CFPB Regarding Repeat Offenders; Registry of Nonbank Financial Companies Subject to Certain Agency and Court Orders

March 31, 2023

Submitted to Regulations.govRohit Chopra, DirectorConsumer Financial Protection Bureau1700 G Street NW,Washington, DC 20552 Dear Director Chopra, The undersigned consumer organizations are pleased to support the Consumer Financial Protection Bureau’s (CFPB) proposal to require nonbank covered persons that are subject to certain agency and court orders to register those orders with the CFPB. The registry will…

FDIC Should Downgrade Three Banks Engaged in Predatory “Rent-a-Bank” Lending

March 30, 2023

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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