GUEST EDITORIAL: economic regulators are paving the way in which for predatory loan providers

GUEST EDITORIAL: economic regulators are paving the way in which for predatory loan providers

Federal regulators appear to be doing their finest to permit lenders that are predatory swarm our state and proliferate.

Final month, the customer Financial Protection Bureau rescinded a vital payday lending reform. As well as on July 20, a bank regulator proposed a guideline that will enable predatory lenders to use even yet in breach of a situation interest price cap – by paying out-of-state banking institutions to pose because the lender that is“true for the loans the predatory loan provider areas, makes and manages. This scheme is called by us“rent-a-bank.”

Particularly of these times, when families are fighting with regards to online title LA their financial success, Florida residents must once again join the battle to cease 300% interest financial obligation traps. Continue reading “GUEST EDITORIAL: economic regulators are paving the way in which for predatory loan providers”