Customer and Civil Rights Groups Urge Federal Banking Regulator to quit Rent-a-Bank Cash Advance Schemes

Customer and Civil Rights Groups Urge Federal Banking Regulator to quit Rent-a-Bank Cash Advance Schemes

Groups Highly Oppose OCC Proposal that Would Bypass State Speed Caps to permit High-Cost Predatory Loans

Washington, D.C. – The Center for Responsible Lending, nationwide customer Law Center, Leadership Conference on Civil and Human Rights, NAACP, nationwide Association for Latino Community Asset Builders, People in america for Financial Reform, customer Federation of America, Public Citizen, and U.S. PIRG, delivered a message that is strong yesterday up to a federal bank regulator, work associated with the Comptroller and Currency (OCC), opposing a proposed guideline that will encourage rent-a-bank schemes that make it payday loans tennessee possible for loans of 100% APR or maybe more in states that prohibit high-cost loans and even mortgages as much as 138per cent that drive business owners into property property foreclosure. (more…)

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