Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans through Rent-A-Bank Schemes

Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans through Rent-A-Bank Schemes

Turn to Congress to pass through Federal 36% rate of interest Cap Limit

Washington, D.C. – customer advocates Center for Responsible Lending, nationwide customer Law Center, and People in the us for Financial Reform Education Fund criticized the Federal Deposit Insurance Corporation (FDIC) for today finalizing a guideline that encourages online non-bank loan providers to launder their loans through banking institutions therefore the non-bank loan providers may charge triple-digit interest levels in states where high prices are unlawful. The OCC finalized an identical rule month that is last. The guidelines had been highly compared with a bipartisan selection of lawyers basic, along with by a large http://www.speedyloan.net/title-loans-ny/ number of community, customer, civil legal rights, faith and business that is small, and can even face appropriate challenges. متابعة قراءة “Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans through Rent-A-Bank Schemes”