U.S. SBC Hearing On Predatory Rent-A-Bank Lending
Washington, DC – The “fake lender” rule by the national bank regulator (the Office of the Comptroller of the Currency or OCC) effective last December protects these predatory lending “rent-a-bank” schemes. The rule prevents courts from looking beyond the fine print to uncover who is running and profiting off the loan program and is the “true lender,” as courts did for challenges to payday loan rent-a-bank schemes in the 2000s. Q1 2021 hedge fund letters, conferences and more Overturning The Rent-A-Bank SchemesCongress has only a few days left to approve a resolution under the Congressional Rev...