Category Archives: Advance Installment Loans Online Virginia

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 america 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 rates of interest in states where high prices are unlawful. The OCC finalized the same guideline last thirty days. The guidelines had been highly compared with a bipartisan set of lawyers basic, along with by lots of community, customer, civil legal rights, faith and business that is small, that can face appropriate challenges. Continue reading Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans through Rent-A-Bank Schemes