FOR IMMEDIATE RELEASE: May 11, 2021 Washington, D.C. – In a 52 – 47 vote tonight, the U.S. Senate voted to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork. S.J. Res. 15, a resolution under the Congressional Review Act (CRA),…
FOR IMMEDIATE RELEASE: April 21, 2021 Letter Reflects Bipartisan Support for State Interest Rate Caps and the Need to Stop “Rent-a-Bank” Evasions by Predatory Lenders In a rare form of bipartisan agreement, a group of 25 Attorneys General (AGs) sent a letter today to Congressional leadership urging it to “use the Congressional Review Act (CRA)…
FOR IMMEDIATE RELEASE: March 25, 2021 325+ groups representing all 50 states and the District of Columbia called for Congress to support a resolution to overturn a rule that helps triple-digit interest rate loans evade state and voter-approved interest rate caps and spread across the country WASHINGTON, D.C. – Advocates at the National Consumer Law…
FOR IMMEDIATE RELEASE: March 22, 2021 Only a majority vote in Congress would be needed to overturn rule that helps triple-digit interest rate loans evade state and voter-approved interest rate caps and spread across the country Link to coalition letter: http://bit.ly/CRA-fake-lender WASHINGTON, D.C. – With just a few days left before a crucial deadline, a…
FOR IMMEDIATE RELEASE: December 22, 2020 Advocates argue that the OCC letter issued late Friday will not save the OCC rule that facilitates usurious loans with interest rates that are higher than what state laws allow WASHINGTON, D.C. – Several civil rights and consumer groups filed an amicus brief in support of the attorneys general…
FOR IMMEDIATE RELEASE: October 27, 2020 Rule that evades state interest rate laws will severely impact low-income and communities of color WASHINGTON, D.C. – The regulator of the nation’s largest banks has finalized a rule that allows predatory lenders to do an end-run around state interest rate caps, exposing people to loans in excess of…
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