Consumer Group Celebrates House Vote on Predatory Lending, Calls for Further Action

Advocates at the National Consumer Law Center applaud the U.S. House vote to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a federally-chartered bank’s name on the paperwork. H.J. Res. 35, a resolution under the Congressional Review Act (CRA), was introduced by Rep. “Chuy” García (D-IL). The U.S. Senate passed a parallel resolution, S.J. Res. 15, on May 11. The resolution now needs only President Biden’s signature, which is expected.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .