economic regulators are paving the real means for predatory loan providers

economic regulators are paving the real means for predatory loan providers

Federal regulators appear to be doing their utmost to permit predatory loan providers to swarm our state and proliferate.

Final thirty days, the customer Financial Protection Bureau rescinded an important payday lending reform.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

Specially over these times, when families are fighting with their financial success, Florida residents must once once again join the battle to end 300% interest financial obligation traps.
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