Payday & Installment Loans Archives

Predatory Installment Lending in the States: 2020

February 28, 2020

his report surveys the battleground as of 2020. It reports on the annual percentage rates (APRs) that the 50 states and the District of Columbia allow nonbank lenders to charge for a sample $500 six-month loan and a sample $2,000 two-year loan.

Consumer and Civil Rights Groups Strongly Oppose FDIC Rent-a-Bank Payday Proposal that Would Sidestep State Interest Rate Caps

February 5, 2020

Washington, D.C. – Eleven national consumer and civil-rights groups submitted a comment letter late yesterday to the Federal Deposit Insurance Corporation (FDIC) strongly opposing the federal banking regulator’s proposal, which risks green lighting triple-digit rent-a-bank schemes. High-cost lenders use these schemes to funnel their loans through rogue banks to try to avoid state limits on…

Consumer and Civil Rights Groups Urge Federal Banking Regulator to Stop Rent-a-Bank Payday Loan Schemes

January 22, 2020

FOR IMMEDIATE RELEASE: January 22, 2020 Groups Strongly Oppose OCC Proposal that Would Bypass State Rate Caps to Allow High-Cost Predatory Loans Washington, D.C. – The Center for Responsible Lending, National Consumer Law Center, Leadership Conference on Civil and Human Rights, NAACP, National Association for Latino Community Asset Builders, Americans for Financial Reform, Consumer Federation…

FDIC/OCC Proposal Would Encourage Rent-a-Bank High-Cost Predatory Lending

November 18, 2019

OCC Proposes Rent-a-Bank Rule Today; Proposed Rule is on Agenda for FDIC Meeting on Nov. 19 Washington, D.C. – Advocates reacted with outrage to a new proposal from two federal bank regulators that could make it easier for payday and other high-cost lenders to use banks as a fig leaf so that online lenders can…

Advocates Applaud Bill to Cap Interest Rates at 36%

November 12, 2019

Washington, D.C. – Advocates at the National Consumer Law Center (NCLC) applauded today’s introduction in Congress of a bill to cap interest rates nationwide at 36%, including fees, which NCLC is supporting on behalf of its low-income clients. “It is fitting that as we celebrate Veterans’ Day that we honor our veterans by extending to…

Advocates Urge FDIC, OCC, Federal Reserve to Stop Banks from Helping Payday Lenders Evade State Interest Rate Limits

November 7, 2019

FOR IMMEDIATE RELEASE: November 7, 2019 Washington, D.C. – A coalition of 61 consumer, civil rights, and community groups today sent letters to three federal bank regulators urging them not to allow their banks to help payday lenders evade state interest rate limits. The groups sent separate letters to the Federal Deposit Insurance Corp. (FDIC),…

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