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.