Public Interest Research Group Calls for Repeal of Trump-era Rule Creating Payday Lending Loophole

With just a few days left before a crucial deadline, a broad coalition of organizations is calling for Congress (letter) 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 acting director of the obscure but powerful national bank regulator, the Office of the Comptroller of the Currency (OCC), would facilitate “rent-a-bank” schemes whereby predatory lenders launder…