Today, U.S. Senators Chris Van Hollen (D-MD), Sherrod Brown (D-OH), and four of the peers penned a page opposing a proposed guideline by the workplace associated with Comptroller regarding the Currency (OCC) therefore the Federal Deposit Insurance Corporation (FDIC) which could eviscerate state guidelines that restrict the attention prices on loans and permit unregulated predatory financing throughout the nation.
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.