SACRAMENTOР’ “ California Attorney General Xavier Becerra today, joining a coalition of 24 lawyers basic, presented a remark page opposing any office for the Comptroller regarding the Currency в„ўs (OCC) proposed True Lender Сњ Rule (Proposed guideline). This ruleР’ would allow predatory financing byР’ permitting non-bankР’ loan providers to disregard state interest-rate caps on consumerР’ loansР’ just by partnering with nationalР’ banking institutions, whichР’ areР’ exemptР’ under federal legislationР’ from state interest-rate caps.Р’ TheseР’ partnershipsР’ areР’ referred to as “rent-a-bank”Р’ schemesР’ as well as the OCC’s Proposed Rule would makeР’ themР’ legal.Р’
it is just one more attemptР’ that is blatant the Trump management to let predatory lendersР’ ignoreР’ state rules that protect ourР’ hardworking families, СњР’ stated Attorney General Becerra. It is because clear as time “ ill-intentioned loan providers will need advantage that is full of ruleР’ to trap vulnerable customers inР’ high-costР’ loansР’ and profitР’ fromР’ their failure to settle. We’re urging the OCC to withdraw its guideline, andР’ focus on providingР’ reasonable access to financial servicesР’ in place of helpingР’ predatory lendersР’ gouge struggling Us citizens. Сњ