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Attorney General Ellison condemns effort that is federal let predatory loan providers make use of customers

Attorney General Ellison condemns effort that is federal let predatory loan providers make use of customers

FDIC guideline allows payday as well as other predatory lenders to skirt state usury rules; 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 lawyers basic in opposing a proposition by the Federal Deposit Insurance Commission (FDIC) to preempt state usury rules that regulate payday as well as other lending that is high-cost therefore which makes it easier for predatory loan providers to make the most of customers. State usury laws and regulations prevent predatory lenders from benefiting from customers by asking high rates of interest on loans. (more…)