Write A Comment Today!
Recently, the Trump Administration proposed a rule that would allow predatory payday, car title, and other lenders to make loans with interest rates that far exceed state limits.
The new rule would allow predatory lenders to charge interest rates over 100% and more, even where the public has voted for much lower interest rate caps. It does that by allowing these high cost lenders to essentially “rent” the charter of a national bank, and thus dodge state laws.This would make it easier for predatory lenders to make triple digit interest rate loans to millions of people at a time when so many are struggling to make ends meet.
But we have a way to fight back. The public has until September 3 to comment on this proposed rule from Brian Brooks, who leads the Office of the Comptroller of the Currency (OCC). Write a comment below to let the OCC know not to move forward with this dangerous proposal.
Payday loans typically carry over 300% annual interest, creating a cycle of debt for borrowers.[/promo]
Tell the CFPB not to touch the ability-to-repay rule, a move threatening protections for all consumers.