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…

--

--

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

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 . . .