Fund the Fight to Stop Rent-A-Bank Schemes and Predatory Loans Now!
Predatory lenders have tried to evade anti-usury laws for centuries, and funneling loans through FDIC-supervised banks, like Transportation Alliance Bank, is their latest tactic. Now, 42 states and DC currently have at least one predatory lender using a Rent-A-bank Scheme to evade the law and make 100% to 225% APR loans that are illegal in those states.
Rent-a-bank loans are offered at check cashing stores, online and at pet stores, auto mechanics and furniture stores -- dramatically increasing the total cost of unexpected auto repairs, essential home furnishings, and even a family pet. And when offered at pet stores, these loans help fund puppy mills that keep dogs in deplorable conditions.
The FDIC can stop this now, but the next president could turn back the clock. That’s why we’re also working with Congress to make this reform permanent and stop rent-a-bank schemes for good – no matter who’s in the White House. !
Contribute to Americans for Financial Reform and fund the fight to stop rent-a-bank schemes and predatory loans now!
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