Consumer and civil rights groups write to strongly oppose the Federal Deposit Insurance Corporation (FDIC)’s proposed rule on Parent Companies of Industrial Banks and Industrial Loan Companies (proposal or proposed rule) as well as the agency’s approval of new ILC charters. While these actions raise a number of concerns, our comments focus on the dramatic…
Since the American Revolution, states have limited interest rates to stop predatory lending. But predatory lenders are starting to launder their loans through banks to evade state laws that make loans up to 179% APR illegal (Bank loans are generally exempt from state rate caps). A rule by the regulator of the nation’s largest banks…
Read More about Overturn the OCC's "Fake Lender" Predatory Lending Rule
A summary of the U.S. states that cap the maximum annual percentage rate (APR) on small - to mid-size installment loans.
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