Consumer Reports urges OCC to rescind proposition that will encourage “rent-a-bank” lending schemes

OCC proposal undermines state efforts to guard consumers from predatory lenders

WASHINGTON, D.C. – A proposal by the workplace for the Comptroller for the Currency (OCC) will make it easier for predatory loan providers to evade state rules restricting rates of interest by partnering with nationwide banking institutions, according to customer Reports. In a letter submitted into the OCC today, CR called regarding the federal regulator to protect consumers from high-cost loans by rescinding the proposition.

The last thing the OCC should be doing is making it easier for shady lenders to charge exorbitant interest rates,” said Antonio Carrejo, policy counsel for Consumer Reports“With so many Americans out of work and struggling to pay their bills.