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...

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