FDIC guideline allows payday as well as other predatory lenders to skirt state laws that are usury

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 lawyers basic in opposing a proposition because of the Federal Deposit Insurance Commission (FDIC) to preempt state usury laws and regulations that regulate payday along with other lending that is high-cost therefore rendering it easier for predatory loan providers to make use of customers. [Read more…]

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