Nat’l Groups Oppose OCC “True Lender” Proposal That Would Preempt State Laws

National consumer advocacy organizations strongly oppose the Office of the Comptroller of the Currency proposal that would preempt the authority of states and courts to look beyond contrivances to the truth to prevent evasions of state usury laws. The proposal would eliminate state interest rate limits for nonbank predatory lenders in every state as long as a bank’s name is in the fine print.