Crowdfund Insider, February 14, 2022, Unprecedented Inflation to Impact Financial Markets, Consumer Behavior
This past week, a coalition of consumer advocates, “led by the National Community Reinvestment Coalition and the NAACP, sent a letter to the FDIC urging the regulator to crack down on banks facilitating ‘high-cost predatory lending.’”
The letter highlighted state-chartered banks that are working with non-bank Fintech lenders to originate loans “in excess of state usury caps.” The advocacy groups are “urging the FDIC to end what they refer to as ‘rent-a-bank’ schemes.”
