December 18, 2020
Payday and Other Small Dollar Loans
Civil rights and consumer groups -- Center for Responsible Lending, National Consumer Law Center, East Bay Community Law Center, National Association for Latino Community Asset Builders, and National Coalition for Asian Pacific Americans Community Development – filed an amicus brief in support of the attorneys general of California, Illinois, and New York in their case against a rule from the Office of the Comptroller of the Currency (OCC) that encourages predatory lending through “rent-a-bank” schemes. The OCC rule facilitates non-bank lenders’ efforts to form superficial partnerships with banks in order to issue loans with interest rates that are higher than what state laws allow non-banks to charge. Download the full amicus brief.