Consumer Advocates Call on House to Overturn “Fake Lender” Rule

Following a bipartisan Senate vote in May that approved legislation to overturn a Trump-era policy that allowed predatory payday lenders to get around state interest rate caps by using so-called “rent-a-bank” schemes, advocates are now calling for swift House action on the measure.

The National Consumer Law Center sent the following message to supporters:

The U.S. House could soon vote on a resolution to overturn the “fake lender” rule, which protects rent-a-bank schemes where predatory consumer…