Rent-a-bank schemes Annual Report 2020



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.

Category: Tags: ,


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