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CR letter urging OCC to rescind proposal on “rent-a-bank” lending partnerships

Consumer Reports letter to the Office of the Comptroller of the Currency calling on it to rescind its proposal that would apply a new “true lender” standard to evaluate partnerships between nonbank lenders and national banks.  CR’s letter argues that the proposal would encourage “rent-a-bank” lending schemes and enable predatory lenders to evade state laws that aim to protect consumers from usurious interest rates.