Congress should overturn predatory lending rule right away

Source: David Dayden, The American Prospect

Earlier this week, over 300 organizations began petitioning Congress to upend the so-called “fake lender” rule finalized by the Office of the Comptroller of the Currency (OCC). It’s also known as the “rent-a-bank” rule, and whatever you call it, predatory lenders can use it to neutralize state limits on interest rates on consumer loans.

In short, it’s a loanshark facilitation rule from the federal government. And it can be overturned by majority vote, through a Congressional Review Act resolution. The only reason there aren’t thousands of people tying up the Capitol switchboards about this right now is that nobody knows about it.

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