Today, U.S. Senators Chris Van Hollen (D-MD), Sherrod Brown (D-OH), and four of the peers composed a page opposing a proposed guideline by the workplace of this Comptroller associated with Currency (OCC) while the Federal Deposit Insurance Corporation (FDIC) that may eviscerate state laws and regulations that restrict the attention prices on loans and permit unregulated predatory financing throughout the country.

The senators pushed back against the proposed rules, which would gut state laws by encouraging payday and other predatory lenders to use so-called “rent-a-bank” schemes to evade state laws capping the interest rates they can charge on loans in a letter to OCC Comptroller Joseph Otting and FDIC Chairman Jelena McWilliams. Continua a leggere Van Hollen, Senators Slam Regulators For ‘Rent-A-Bank’ Arrangement