WASHINGTON, D.C. - Join us today, Monday, May 10 at 2:30 pm ET to hear about the real world impacts of the "fake lender" ruleand why Congress must immediately pass S.J. Res. 15 / H.J. Res 35 under the Congressional Review Act (CRA) to repeal the rule. The fake lender rule by the Office of the Comptroller of the Currency (OCC) protects predatory lenders that evade state interest rate laws by laundering their loans through a rogue bank. RSVP now.
Hear about:
- A restaurant owner fighting $67,000 in loans at 268% APR loan, a rate the predatory lenders are justifying by the OCC rule;
- A disabled veteran fighting a 160% APR loan; the predatory lender – which does rent-a-bank lending across the country – is citing the rule in defense;
- Credit unions that today see predatory rent-a-bank lenders harming their members.
There is overwhelming support across party lines to get rid of the “fake lender” rule, which protects predatory lenders. Small business owners, veterans, and consumers are being devastated every day by predatory rent-a-bank lending. They can’t wait.
The CRA resolution is the best way to immediately stop the active harm the rule is doing and to ensure that any new rulemaking – which would still be possible – does not do “substantially the same” harm to protect evasions of state laws by predatory lenders.
What: Webinar: Victims of the OCC Fake Lender Rule & Why Congress Must Repeal it Now
When: Monday, May 10th, 2:30 – 3:00 PM ET
Speakers: Shane Heskin, White and Williams, attorney for restaurant owners; Lauren Saunders, National Consumer Law Center; Mike Saunders, Veterans for Education Success; Diane Standaert, Hope Policy Institute
Where: RSVP to attend the online press conference: https://us02web.zoom.us/webinar/register/WN_NSqbTUTURVufcjUcA-bB3g
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Press Contact: matthew.kravitz@responsiblelending.org