Even if a State, like my home State of California, has passed a law setting a usury rate cap, this rule would allow lenders to ignore the law and to import high-rate, high-risk, and otherwise illegal loans back into the State.
Waters criticizes a proposed rule allowing predatory lending despite state laws.
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By passing this bill, Congress will be telling the world that Congress is OK with corruption, OK with foreign companies buying influence.
I and many others are strongly opposed to that merger, and it is important that the OCC... conducts robust due diligence.
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