Hundreds touch upon OCC proposed lender” rule that is“true

We recently published a weblog in regards to the OCC’s proposed guideline “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”), which may make clear that the bank (or cost cost savings relationship) is correctly considered to be the lender that is“true whenever, at the time of the date of origination, it really … Continued

Congress Is Voting on a Bill That May Make Debt Traps Legal Once More

Today, the House of Representatives votes on a conclusion run around state customer security rules. If it passes, the bill would overturn state efforts to prevent payday loan providers from recharging triple-digit interest that is annual and creating unsecured debt traps that will turn a $1,000 loan into a $40,000 financial obligation. The bill—misleadingly entitled … Continued