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Customer Groundswell Requires End To Bank-Supported Predatory Loans

Customer Groundswell Requires End To Bank-Supported Predatory Loans

By Charlene Crowell, Center For Responsible Lending

Final October through the throes regarding the pandemic that is COVID-19 its rippling financial downturns, a vital federal financial regulator used a rule that blesses the “rent-a-bank” scheme where predatory lenders partner with banking institutions to evade state interest limitations.

Referred to as “True Lender” guideline, any office of the Comptroller for the Currency (OCC) offered a light that is green predatory loan providers.