More than 300 Groups Call on Congress to Take Action on Predatory Loans, Rescind “Fake Lender” Rule

With just a few days left before a crucial deadline, CFA joined a broad coalition of 324 organizations from 49 states and the District of Columbia calling for Congress to eliminate a Trump-era regulation that took effect in December and could “unleash predatory lending in all fifty states.” The rushed “fake lender” rule, which was issued by the Office of the Comptroller of the Currency (OCC), would facilitate “rent-a-bank” schemes whereby predatory lenders launder their loans through a few…