February Hearings will Address Rent-a-Banks and Loans Sold Across State Lines

The House Financial Services Committee will have hearings next month to address regulations related to loans being sold across states; the hearing is related to the Madden v. Midland funding decision which ruled that usury laws of where a buyer resides do apply when loans are sold across state lines; in November the OCC and FDIC proposed steps to work around this ruling but consumer advocates have concerns over the ability for unregulated non-banks to avoid protections for borrowers; the two-part hearing is titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.