January 13, 2017
Letters to Congress
Over 250 consumer, civil rights, and community groups wrote this letter to the Office of the Comptroller of the Currency to express strong opposition to the proposed new federal nonbank lending charters that would enable lenders to avoid state interest rate caps, other state protections, and state oversight. State laws often operate as the primary line of defense for consumers and small businesses; thus, the proposal puts them at great risk. The letter focuses on three main points:
- The OCC must not undermine state rate caps.
- The OCC must not weaken states' ability to oversee lenders and take action to prevent harmful lending practices.
- The OCC must not undermine efforts to provide fair and inclusive lending practices, particularly for people of color and low- and moderate-income consumers, in the areas where they operate.