RELIEF! Advocates Applaud Senate Vote to Overturn Trump Era “Fake Lender” Rule
Three Republicans joined with Senate Democrats to overturn a regulation that allowed predatory lenders to usurp state banking rules and charge outrageous interest rates in excess of 100%.
Here’s more on the rule and the victory for consumers as the measure heads to the House.
In a 52–47 vote, the U.S. Senate voted to overturn the OCC’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a bank’s name on the paperwork. S.J. Res…