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

OCC proposal undermines state efforts to safeguard consumers from predatory lenders

WASHINGTON, D.C. – A proposal because of the Office of this Comptroller associated with Currency (OCC) would ensure it is easier for predatory loan providers to evade state rules interest that is limiting by partnering with nationwide banking institutions, according to customer Reports. In a page submitted to your OCC today, CR called in the regulator that is federal protect customers 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. “Unfortunately, the OCC’s proposal would allow lenders that are predatory ‘rent-a-bank’ that isn’t at the mercy of state consumer protection regulations and acquire away with peddling high-priced loans that trap borrowers with debt.”

Rent-a-bank financing schemes typically include partnerships between a nationwide bank and a non-bank lender advertising pay day loans, car name loans, or car installment loans.

Payday loan providers settle just in case alleging online phony loan scam Hilton Head Island Packet

Nationwide

Payday loan providers settle just in case alleging online phony loan scam

A huge payday lending procedure based in Kansas City, Mo., will likely be prohibited from providing any longer loans under a $54 million settlement established by federal regulators Tuesday.

The Federal Trade Commission accused 14 organizations owned by two Johnson County males, Timothy the Coppinger and Frampton T. Rowland III, of employing online data to sign up for loans for individuals without their authorization.

The businesses — including CWB solutions LLC, Anasazi Group LLC and Sandpoint Capital LLC — targeted borrowers that has gone online to research payday that is short-term, which are usually small-dollar loans paid back in two-week increments.

Borrowers would form their individual monetary information, including bank account and routing numbers, into third-party web sites referred to as “lead generators” to see whether or not the web sites could match these with a loan provider. But the majority never formally requested any loans, based on the problem filed by the FTC.

Coppinger and Rowland’s businesses then purchased the borrowers’ information through the lead generators, deposited $200-$300 “loans” in borrowers’ records without their authorization, and started withdrawing as much as $90 at any given time for “finance fees,” the problem stated.

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