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

Washington, D.C. – The Center for Responsible Lending, National 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 to a federal bank regulator, any office regarding the Comptroller and Currency (OCC), opposing a proposed guideline that could encourage rent-a-bank schemes that allow 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 foreclosure. Customer and Civil Rights Groups Urge Federal Banking Regulator to quit Rent-a-Bank Cash Advance Schemes Okumaya devam edin