OCC Proposal Would Turn State Interest Rate Limits Into a “Dead Letter,” Causing Explosion of Rent-a-Bank Payday Lending that Will Devastate Struggling Families
FOR IMMEDIATE RELEASE: JULY 20, 2020 National Consumer Law Center contacts: Jan Kruse (jkruse@nclc.org) or Lauren Saunders (lsaunders@nclc.org) Washington, D.C. - Today, the Office of the Comptroller of the Currency (OCC) issued a proposed rule that overturns the “true lender” rule that courts have used since the early 1800s to prevent evasions of state usury [...]