Van Hollen, Senators Slam Regulators For ‘Rent-A-Bank’ Arrangement

Van Hollen, Senators Slam Regulators For ‘Rent-A-Bank’ Arrangement

Today, U.S. Senators Chris Van Hollen (D-MD), Sherrod Brown (D-OH), and four of these colleagues composed a page opposing a proposed guideline because of the workplace of this Comptroller for the Currency (OCC) therefore the Federal Deposit Insurance Corporation (FDIC) that may eviscerate state legislation that restrict the attention prices on loans and allow unregulated predatory financing throughout the nation.

In a page to OCC Comptroller Joseph Otting and FDIC Chairman Jelena McWilliams, the Senators pressed back up against the proposed guidelines, which will gut state guidelines by motivating payday along with other predatory lenders to utilize so-called “rent-a-bank” schemes to evade state rules capping the attention prices they are able to charge on loans.…