Advocates Condemn FDIC Rule that Encourages Predatory High-Cost Loans through Rent-A-Bank Schemes

Turn to Congress to pass through Federal 36% rate of interest Cap Limit Washington, D.C. – customer advocates Center for Responsible Lending, nationwide customer Law Center, and Us citizens for Financial Reform Education Fund criticized the Federal Deposit Insurance Corporation (FDIC) for today finalizing a guideline that encourages online non-bank loan providers to launder their loans through banking institutions so …