Interest Rate, Usury & Other Credit Laws Archives

Amicus Brief Opposes OCC Charter That Would Aid Predatory Lenders

July 31, 2020

For Immediate Release: July 31, 2020 WASHINGTON, D.C. – The National Consumer Law Center, Center for Responsible Lending, and the National Community Reinvestment Coalition filed an amicus brief in Lacewell v. Office of the Comptroller of the Currency (OCC), in support of the plaintiff, the New York State Department of Financial Services (DFS), against the OCC’s plan…

OCC Proposal Would Turn State Interest Rate Limits Into a “Dead Letter,” Causing Explosion of Rent-a-Bank Payday Lending that Will Devastate Struggling Families

July 20, 2020

FOR IMMEDIATE RELEASE: JULY 20, 2020 National Consumer Law Center contacts: Jan Kruse ([email protected]) or Lauren Saunders ([email protected]) Washington, D.C. – Today, the Office of the Comptroller of the Currency (OCC) issued a proposed rule that overturns the “true lender” rule that courts have used since the early 1800s to prevent evasions of state usury…

CFPB Guts Curbs on Unaffordable 400% APR Payday Loans

July 7, 2020

FOR IMMEDIATE RELEASE: July 7, 2020 Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its final rule gutting the protections against unaffordable payday loans. The previous payday loan rule, issued under former CFPB director Richard Cordray in October 2017, limited unaffordable loans that trap families in a cycle of debt. The CFPB…

Advocates Slam FDIC Proposed Rule for Industrial Loan Companies as Invitation for Predatory Lending

July 2, 2020

FOR IMMEDIATE RELEASE: July 2, 2020 The bank regulator’s plan, described as “recipe for disaster” and as a way to “fuel financial exclusion,” provides an avenue for lenders to evade state laws that cap interest rates and to harm families suffering most in this economic downturn. WASHINGTON, D.C. – The National Consumer Law Center, on…

Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans; Call on Congress to Pass Federal 36% Interest Rate Cap Limit

June 25, 2020

FOR IMMEDIATE RELEASE: JUNE 25, 2020 Media Contacts: National Consumer Law Center: Jan Kruse ([email protected]) Center for Responsible Lending: Matthew Kravitz ([email protected]) Americans for Financial Reform Education Fund: Diop Harris ([email protected]) Washington, D.C. – Consumer advocates criticized the Federal Deposit Insurance Corp. (FDIC) for today finalizing a rule that encourages online non-bank lenders to launder…

Advocates Praise Rent-a-Bank Ruling Upholding State Interest Rate Caps

June 10, 2020

Colorado Court Follows “Madden” Decision that Banks Can’t Assign Bank Privileges to Nonbank Lenders Washington, D.C. – Consumer advocates praised yesterday’s ruling by a Colorado court upholding the Colorado Attorney General’s claim that an online lender, Marlette Funding (dba Best Egg), must abide by Colorado’s interest rate limits when it purchases loans originated by a…

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