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State AGs Slam Congress' Attempt to Gut Predatory-Lending Laws

Monday, July 2, 2018
Public News Service
Diane Standaert

HR 3299 and HR 4439 would clear the way for payday lenders to evade state usury laws and make loans with triple-digit interest rates, by making deals to operate under a bank's charter. Diane Standaert, executive vice president and director of state policy with the Center for Responsible Lending, called it a "rent-a-bank" scheme that would void any state consumer-protection laws that cap interest rates.