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 offer predatory loans at interest rates that are prohibited under state law.
Americans for Financial Reform today applauded the introduction ofthe Veterans and Consumers Fair Credit Act of 2019, legislation that would extend the 36 percent APR interest rate cap on payday and car-title lenders in the Military Lending Act (MLA) to cover all Americans.
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.
Small business advocates, consumer groups, and civil-rights advocates today sent a letter to the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) criticizing the agencies’ decision to file an amicus brief supporting a predatory small business lender that used a bank to evade state interest rate laws so that it could make a 120% annual percentage rate (APR) $550,000 loan.
Over the course of two days, the director of the Consumer Financial Protection Bureau, Kathy Kraninger, is testifying before both the House Financial Services and Senate Banking Committees. These are the top questions that Director Kraninger must answer as she testifies:
House of Representatives Passed HR 1423, the Forced Arbitration Injustice Repeal (FAIR) Act, in a 225-186 vote For Immediate Release: September 20, 2019 Contact: Carter Dougherty or firstname.lastname@example.org Washington, DC – Today, the House of Representatives passed the Forced Arbitration Injustice Repeal (FAIR) Act in a