Small business advocacy organizations, representing tens of thousands of affiliated small businesses and the interests of the 30 million small businesses in the country, submitted a letter to Congress expressing strong support for Senate Joint Resolution 15, the Congressional Review Act Resolution to repeal the Office of the Comptroller of the Currency’s True Lender Rule. The new rule would allow predatory lenders to use sham rent-a-bank arrangements to make loans to small businesses at 73 to 268% APR or higher in states where those rates are illegal. This rule would undermine the historic power of the states to protect small businesses from dangerous, usurious loans. Congress should use its authority to overturn this rule.

View or download the full letter here.