Rent-a-bank schemes Annual Report 2020

$180.00

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Interest rate limits are the simplest and most effective protection against predatory lending. Since the time of the American Revolution, states have
limited interest rates to protect their residents.

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Description

Rent-a-bank schemes are of questionable legality. Lenders pick and choose where they lend, generally avoiding states that vigorously enforce their laws. At least 10 high-cost consumer lenders (American First Finance, Axcess Financial, Check Into Cash, EasyPay, Elevate, Enova, LoanMart, OppFl, Personify Financial) are using five FDIC-supervised banks (Community Capital Bank, FinWise Bank, First Electronic Bank, Republic Bank & Trust (Kentucky), TAB Bank).

Pages: 13
Cover Design: Design
Publisher: Whale Book
Language: English
Code: 7749