FDIC Should Downgrade Three Banks Engaged in Predatory "Rent-A-Bank" Lending
April 01, 2023
April 01, 2023
WASHINGTON, April 1 (TNSgov) -- The Consumer Federation of America issued the following news release:
A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah's Capital Community Bank (CC Bank) and First Electronic Bank, along with Kentucky's Republic Bank & Trust, use "rent-a-bank" schemes to help third-party, non-bank lenders evade state rate caps on loan . . .
A coalition of consumer advocates is urging the Federal Deposit Insurance Corporation (FDIC) to downgrade the Community Reinvestment Act (CRA) rating of three banks. Utah's Capital Community Bank (CC Bank) and First Electronic Bank, along with Kentucky's Republic Bank & Trust, use "rent-a-bank" schemes to help third-party, non-bank lenders evade state rate caps on loan . . .