FDIC guideline will allow payday as well as other predatory lenders to skirt state usury guidelines; AG Ellison joins bipartisan coalition urging withdrawal of guideline they say violates legislation, administrative authority
Minnesota Attorney General Ellison has accompanied a bipartisan coalition of 24 solicitors basic in opposing a proposition because of the Federal Deposit Insurance Commission (FDIC) to preempt state usury rules that regulate payday along with other high-cost financing, thus rendering it easier for predatory loan providers to benefit from customers. State usury laws and regulations prevent predatory lenders from benefiting from customers by billing high interest levels on loans. Pokračovať v čítaní: Attorney General Ellison condemns federal work to let predatory loan providers benefit from customers