Scary Shark in pitch black waters - Photo by Wai Siew on Unsplash

In The News: Advocates Condemn Rent-a-Bank Rule that Encourages Predatory High-Cost Loans

Consumer advocates slammed the Office of the Comptroller of the Currency (OCC) for its final rule issued today that encourages online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The rules were strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations, and may face legal challenges.

Letter to Congress: Coalition Urges Support for the CORE Act

We strongly urge that Congress strengthen the oversight and anti-corruption measures over the $3 trillion and growing Coronavirus relief legislative programs. Our organizations represent broad and diverse constituencies across the ideological spectrum concerned about the potential for fraud, waste and abuse of the nation’s largest spending packages in history.