Rent-a-Bank Loans Archives

Letter to OCC Opposing Changes to CRA Regulations

January 28, 2020

Letter to the OCC re: Notice of Proposed Rulemaking, Community Reinvestment Act Regulations

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),…

Payday Lenders Plan to Evade California's New Interest Rate Cap Law Through Rent-A-Bank Schemes

October 1, 2019

Quotes from the transcripts of August 2019 earnings calls by three publicly-traded payday lenders that offer high-cost installment loans in California at rates of 135% to 199% describing their plans to enter into rent-a-bank schemes to evade the new law.

New California Law Targets Long-Term Payday Loans; Will Payday Lenders Evade it?

October 11, 2019

Washington, D.C. – Advocates at the National Consumer Law Center applauded news that California Governor Gavin Newsom late yesterday signed into law AB 539, a bill to stop outrageous interest rates that payday lenders in California are charging on their larger, long-term payday loans, but warned that the payday lenders are already plotting to evade…

Consumer and Civil Rights Groups Send Letters to FDIC, OCC, and Fed Urging them to Prevent Bank Payday Loans

June 11, 2019

FOR IMMEDIATE RELEASE: June 11, 2019 Letters come after news that regulators pursuing joint small-dollar policy; Growing concern that several Administration appointees may be giving green light for predatory loans WASHINGTON, D.C. – Today, the National Consumer Law Center (NCLC) joined a coalition of national civil rights and consumer groups in writing to top banking…

Court Decision Signals End of Faux Tribal Payday Lending

April 24, 2019

FOR IMMEDIATE RELEASE: APRIL 24, 2019 Court Decision Signals End of Faux Tribal Payday Lending Washington – The Second Circuit Court of Appeals in a decision today against Think Finance and the officers of Plain Green Loans has made crystal clear that online tribal payday lenders must comply with state interest rate limits, licensing laws…

Civil Rights and Consumer Groups Implore the FDIC to Say No to Bank Payday Loans and Rent-a-Bank Payday Lending

February 14, 2019

FOR IMMEDIATE RELEASE: January 23, 2019 Washington, D.C. – In comments submitted late yesterday, national civil rights and consumer nonprofits urged the Federal Deposit Insurance Corporation (FDIC) not to sanction high-cost loans made by banks directly or through rent-a-bank partnerships with payday lenders. The comments were sent by the National Consumer Law Center, the Center…

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