Attorney General Ellison condemns effort that is federal let predatory loan providers benefit from customers

Attorney General Ellison condemns effort that is federal let predatory loan providers benefit from customers

FDIC rule will allow payday along with other predatory lenders to skirt state usury regulations; AG Ellison joins bipartisan coalition urging withdrawal of guideline they say violates legislation, administrative authority

Minnesota Attorney General Ellison has accompanied a bipartisan coalition of 24 lawyers general in opposing a proposition by the Federal Deposit Insurance Commission (FDIC) to preempt state usury legislation that regulate payday along with other lending that is high-cost therefore which makes it easier for predatory loan providers to make use of customers. More