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Economic regulators are paving the real way for predatory loan providers

Economic regulators are paving the real way for predatory loan providers

Federal regulators appear to be doing their finest allowing predatory loan providers to swarm our state and proliferate.

Final thirty days, the Consumer Financial Protection Bureau rescinded an important payday lending reform. As well as on July 20, a bank regulator proposed a guideline that could enable predatory loan providers to work even yet in breach of a situation interest price cap – by paying out-of-state banking institutions to pose because the lender that is“true for the loans the predatory loan provider areas, makes and manages. We call this scheme “rent-a-bank.”

Particularly over these times, whenever families are fighting for his or her financial success, Florida residents must once once again join the fight to prevent 300% interest financial obligation traps. Continue reading Economic regulators are paving the real way for predatory loan providers