Jul
02
2020Turn to Congress to pass through Federal 36% rate of interest Cap Limit
Washington, D.C. – customer advocates Center for Responsible Lending, National customer Law Center, and Us citizens for Financial Reform Education Fund criticized the Federal Deposit Insurance Corporation (FDIC) for today finalizing a guideline that encourages online non-bank loan providers to launder their loans through banking institutions and so the non-bank loan providers may charge interest that is triple-digit in states where high rates are illegal.
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