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The OCC’s October ruling really discards the doctrine, declaring insteadat the real loan provider are essentially the entity known as due to the fact loan provider in the loan agreement.

The OCC’s October ruling really discards the doctrine, declaring insteadat the real loan provider are essentially the entity known as due to the fact loan provider in the loan agreement.

Put simply, customer advocates argue, the OCC’s rule try a light that is green payday loan providers to obtain around state usury rules simply by typing the title of a prepared out-of-state bank to the terms and conditions of their loan papers.

The OCC dismisses such concerns, saying that rent-a-bank schemes “have room within the banking that is federal” and denying that the ruling facilitates them. Continue reading The OCC’s October ruling really discards the doctrine, declaring insteadat the real loan provider are essentially the entity known as due to the fact loan provider in the loan agreement.