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Attorney General Becerra Condemns OCC Proposal to open up the Floodgates for Predatory Lending and Rent-a-Bank Schemes

Sunday, December 13th, 2020

Attorney General Becerra Condemns OCC Proposal to open up the Floodgates for Predatory Lending and Rent-a-Bank Schemes

SACRAMENTOР’ “ California Attorney General Xavier Becerra today, joining a coalition of 24 lawyers basic, presented a remark page opposing any office of this Comptroller associated with Currency в„ўs (OCC) proposed True Lender Сњ Rule (Proposed guideline). This ruleР’ would allow lending that is predatory enabling non-bankР’ loan providers to disregard state interest-rate caps on consumerР’ loansР’ just by partnering with nationalР’ banks, whichР’ areР’ exemptР’ under federal legislationР’ from state interest-rate caps.Р’ TheseР’ partnershipsР’ areР’ called “rent-a-bank”Р’ schemesР’ while the OCC’s Proposed Rule would makeР’ themР’ legal.Р’

that is just one more attemptР’ that is blatant the Trump management to let predatory lendersР’ ignoreР’ state laws and regulations that protect ourР’ hardworking families, СњР’ stated Attorney General Becerra. It really is since clear as day “ ill-intentioned lenders will need complete advantageous asset of this ruleР’ to trap vulnerable customers inР’ high-costР’ loansР’ and profitР’ fromР’ their incapacity to settle. (more…)