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Civil Litigation,
Banking,
Administrative/Regulatory

Aug. 21, 2020

State prosecutors sue FDIC over rule allowing lenders to avoid state interest-rate caps

Xavier Becerra joined by seven attorneys general in Administrative Procedure Act complaint against the Federal Deposit Insurance Corporation in rent-a-bank scheme.

Eight state attorneys general including California's Xavier Becerra sued the Federal Deposit Insurance Corp. on Thursday over a rule they say allows lenders to circumvent state interest rate caps.

Under existing U.S. law, federally insured state-chartered banks are exempt from state interest rate caps. Many states, including California, the District of Columbia, Illinois, Massachusetts, Minnesota, New Jersey, New York and North Carol...

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