Van Hollen Blasts Trump Administration Decision to Support Predatory Lenders Over Consumers
Proposed OCC Rule Would Circumvent State Borrower Protection Laws, Allow Predatory Lenders to Charge Vulnerable Consumers Outrageous Interest Rates
Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Office of the Comptroller of the Currency’s (OCC) decision to finalize the proposed “true lender” rule. This rule will serve as a boon to predatory lenders across the nation, harming vulnerable consumers who will face skyrocketing interest rates during an already volatile financial time. Senator Van Hollen recently led a letter with seven of his colleagues urging the Acting Comptroller to withdraw the rule.
“As Americans face the financial challenges presented by the COVID-19 crisis, the last thing they need are more predatory lenders going after their pocketbooks. This Administration has ripped consumer protections to shreds and left Americans at severe risk of being taken advantage of by these bad actors in our financial system. This is yet another attempt by the Trump Administration to rush through a deeply misguided regulation that will ultimately take a toll on American families doing their best to get by. We will use every tool at our disposal to strike this rule down.”