Congress can stop payday lenders from partnering with banks to offer predatory loans.

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Email Your Legislators [[link removed]] Join our Fight to Challenge Predatory Payday Lending!

Late last year, the Office of the Comptroller of the Currency (OCC) passed a regulation that allows payday lenders to charge interest rates of 179% or more on loans by partnering with national banks that can avoid state interest rate caps.

When permissible, payday lenders offer loans to customers that are deliberately unaffordable, trapping them in a cycle of debt that often leads to pay-outs that far exceed the original amount of the loan. The OCC’s action endorses a predatory relationship that puts the financial security of consumers at risk.

Thankfully, Congress recently introduced a Congressional Review Act (CRA) challenge that would invalidate these predatory “rent-a-bank” schemes. This issue could be headed for a Senate vote this week and we need your support. Please take a moment to email your Members of Congress [[link removed]] and tell them to support S.J. Res 15 and H.J. Res 35, the CRA legislation that would block the OCC’s rule.

If you would like to learn more about the predatory rent-a-bank lending happening in your state, please check out High-Cost Rent-a-Bank Loan Watch List [[link removed]], which includes maps, and the following spreadsheet [[link removed]].

For additional questions about this issue, please contact Anju Chopra at [email protected].

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