Political Quotes

“I come to the floor today in support of the Congressional Review Act resolution to rescind the Office of the Comptroller of the Currency's ``True Lender Rule.'' This rule was rushed through by the previous administration with complete disregard to the harm it would cause already struggling working Americans. The true lender rule undercuts important consumer protections at the State level and greenlights high-cost ``rent-a-bank'' schemes. These schemes let predatory lenders evade State interest rate caps by funneling high-interest loans--loans that are illegal under State law-- -through national banks. We know these lenders prey upon those struggling to make ends meet and are more likely to operate in areas with higher concentrations of poverty. And they offer complicated loans that are designed to trap consumers in an endless cycle of debilitating debt. What is especially troubling is that this rule was finalized in November of last year at a time when so many were reeling from an unprecedented public health and economic crisis. And while so many American families struggle to put food on the table and make their rent or mortgage payments, the OCC's rule makes it easier for predatory lenders to prey on those most vulnerable, exacerbating the economic hardship of millions. Currently, 45 States and the District of Columbia have instituted interest rate caps on installment loans to protect consumers.…”