CRL Lauds State Attorneys General For Challenging OCC Rule That Encourages Abusive Rent-A-Bank Lending Schemes
WASHINGTON, D.C. - Today, State Attorneys General from California, Illinois, and New York filed a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently announced final rule that encourages online nonbank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. The rule was strongly opposed by a bipartisan group of attorneys general as well as by numerous community, consumer, civil rights, faith and small business organizations. At least 45 states and the District of Columbia (D.C.) cap rates