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Attorney General Josh Stein Condemns Federal Proposal that will Allow Predatory Lenders to Exploit Consumers

For Immediate Release:
Thursday, February 6, 2020

(RALEIGH) Attorney General Josh Stein opposed a proposition because of the Federal Deposit Insurance Corporation payday loans in Nevada direct lenders (FDIC) to preempt state rules that regulate payday as well as other high-cost financing. The FDIC’s proposed laws would let predatory lenders circumvent state rules through “rent-a-bank” schemes, for which banking institutions behave as lenders in title just, moving along their state legislation exemptions to non-bank payday lenders.