Attorney General Josh Stein Condemns Federal Proposal that will Allow Predatory Lenders to Exploit Consumers

Attorney General Josh Stein Condemns Federal Proposal that will Allow Predatory Lenders to Exploit Consumers

For Immediate Launch:
Thursday, February 6, 2020

(RALEIGH) Attorney General Josh Stein opposed a proposition because of the Federal Deposit Insurance Corporation (FDIC) to preempt state guidelines that regulate payday as well as other lending that is high-cost. The FDIC’s proposed laws would let predatory lenders state that is circumvent through “rent-a-bank” schemes, for which banking institutions work as lenders in name just, moving along their state legislation exemptions to non-bank payday lenders. Continue reading