OppLoans

President Biden Signs Bipartisan Bill to Curb Predatory Lending

In recent years, consumer finance protections withered through a series of harsh attacks that either outright rejected or significantly diminished financial guard rails in the marketplace. But a new consumer victory, urged by a groundswell of support from everyday people, academicians, and bicameral legislators signals an important step towards fair financial rules. On June 30, President Joe Biden’s signature ended an ill-advised rule that favored predatory loans instead of America’s consumers. “These are so called “rent-a-bank” schemes”, said President Joe Biden at the June 30 signing ceremony.  “And they allow lenders to prey on veterans, seniors, and other unsuspecting borrowers