This might be often referred to as a ‘rent-a-bank’ scheme

Rep. Andy Barr (R-KY) Has Gotten At Least $12,500 From Banks Or Lenders With An Intention When You Look At The Deregulation Of Rent-A-Bank Schemes And Nearly $47,000 From The Payday Industry In General.

Rep. Andy Barr (R-KY) Has Gotten At Least $12,500 From Banks Or Lenders With An Intention Within The Deregulation Of Rent-A-Bank Schemes.

Name Company Date Amount
Steven E. Trager Republic Bank & Trust 03/21/2019 $1,000
Brian Yates Elevate 02/12/2019 $500
David Fisher Enova 10/03/2018 $1,000
Steven E. Trager Republic Bank & Trust 08/14/2018 $1,000
Andrew Trager-Kusman Republic Bank & Trust 01/24/2018 $500
Eugene Ziegler Republic Bank 01/24/2018 $250
Steven E. Trager Republic Bank & Trust 01/24/2018 $500
Steven E. Trager Republic Bank & Trust 11/08/2017 $1,000
Thomas Hobbs Republic Bank 09/21/2017 $250
Christopher Lutes Elevate Credit 07/17/2017 $1,500
Steven E. Trager Republic Bank & Trust 02/24/2017 $250
Steven E. Trager Republic Bank & Trust 09/01/2016 $250
Steven E. Trager Republic Bank & Trust 03/31/2016 $1,000
Kenneth E. Rees Elevate 08/07/2015 $2,500
David Fisher Enova 07/18/2014 $1,000
Total $12,500

Since Joining Congress, Andy Barr Has Gotten $46,627 From The Payday Lending Industry.

Rep. Roger Williams (R-TX) Has Gotten At The Very Least $3,000 From Banks Or Lenders With An Intention Into The Deregulation Of Rent-A-Bank Schemes And Almost $44,000 From The Payday Industry In General.

Rep. Roger Williams (R-TX) Has Gotten At The Very Least $3,000 From Banks Or Lenders With An Intention In The Deregulation Of Rent-A-Bank Schemes.

Name Business Date Amount
Sealy Elevate 04/07/2015 $1,000
Kenneth Rees Elevate 04/07/2015 $500
Jason Harvison Elevate 04/07/2015 $1,500
Total $3,000 april

Since Joining Congress, Roger Williams Has Gotten $43,850 Through The Payday Lending Business.

Payday Lenders Happen To Be using” that is“‘Rent-A-Bank In An Effort To Prevent State Interest Caps As Well As State Laws Outright Banning Payday Advances, While Other Loan Providers Are Exploring Comparable Plans.

The Federal Deposit Insurance Corporation (FDIC) And Any Office Of The Comptroller For The Currency (OCC) Have Proposed A Rule To Open Up The Entranceway For Payday Lenders To Bypass State Interest Caps By “Funneling Their Loans Via A Chartered Bank,” The Practice Popularly Known As A “‘Rent-A-Bank’ Scheme.”

The Federal Deposit Insurance Corporation (FDIC) And any office associated with Comptroller Of The Currency (OCC) Have Proposed A Rule that will “Effectively Eliminate Regulations On Payday Lending And Interest Rates” By enabling Payday Lenders To “Funne[l] Their Loans Through A Chartered Bank,” Commonly Known As A “‘Rent-A-Bank’ Scheme.” The Federal Deposit Insurance Corporation (FDIC) and also the workplace for the Comptroller associated with Currency (OCC), have actually proposed a controversial guideline which could effectively eradicate laws on payday financing and interest rates—a huge present to predatory customer finance.[…]“Two top banking regulators The guideline would overturn a 2015 court decision which includes proven interestingly durable, also amid the drift that is conservative of courts. It might codify a doctrine referred to as https://badcreditloanshelp.net/payday-loans-mt/columbia-falls/ ‘valid-when-made,’ which critics start thinking about designed by loan companies and their allies away from entire fabric. Used, it might imply that any payday lender could evade rate of interest caps or other state-level restrictions by funneling their loans by way of a bank that is chartered. ”[David Dayen, “Trump’s Bank Regulators Open the entranceway to More Lending that is predatory, The American Prospect, 11/19/19]