Fed, OCC, FDIC Urged To Watch Out For 'Rent-A-Banks'
Law360 (November 7, 2019, 11:09 PM EST) -- More than five dozen public interest groups urged regulatory vigilance against “rent-a-bank schemes” in letters to federal banking agencies on Thursday, alleging that several nonbank consumer lenders have set their sights on using partnerships with banks to evade newly enacted interest rate restrictions in California.
The letters, which were sent to the heads of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp., quoted from July earnings calls with executives at Elevate Credit Inc., Enova International Inc. and Curo Group Holdings Corp. to argue that these lenders have been planning to skirt the rate cap...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!