From Americans for Financial Reform (http://www.ourfinancialsecurity.org):
Contact your representatives today! Write a letter at https://actionnetwork.org/letters/congress-close-loophole-that-allows-lenders-to-evade-state-interest-rate-caps urging them to overturn the OCC’s “Fake Lender” rule.
We’ve all been hard at work the past few months to overturn the “Fake Lender” rule passed by the outgoing Trump Administration. We won the vote in the Senate with a bipartisan majority, and now we have turned our attention to the House.
The House can eliminate this horrible rule that allows payday lenders to launder their loans through out-of-state banks, evade protections put in place by voters and state legislatures and charge up to 300% interest rates. In short, the rule facilitates rent-a-bank schemes.
Send a letter to your Representative telling them to pass HJ35 to overturn this rule using our tool found here! The more letters we generate, the more Congress will know that people want to stop predatory lending and that they must take action. And after you send a letter, help us by sharing this action alert with your networks. The tool can easily be found at bit.ly/CRAintheHouse (link is case-sensitive).
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