FDIC guideline allows payday as well as other predatory lenders to skirt state usury guidelines

AG Ellison joins bipartisan coalition urging withdrawal of guideline they say violates legislation, administrative authority

February 6, 2020 (SAINT PAUL) — Minnesota Attorney General Ellison has accompanied a bipartisan coalition of 24 solicitors basic in opposing a proposition because of the Federal Deposit Insurance Commission (FDIC) to preempt state usury laws and regulations that regulate payday and other lending that is high-cost therefore which makes it easier for predatory loan providers to make use of consumers. State usury rules prevent predatory lenders from using consumers by recharging interest that is high on loans. Continue reading →