Permitting loan providers to bypass customer defenses in Colorado is an obvious "No". Page to your OCC regarding proposed modifications to loan provider rules
In 2018, 77percent of Colorado voters voted yes on Proposition 111 to cap pay day loan APRs at 36%. Unfortuitously, a proposed federal guideline would enable loan providers to bypass our defenses and fee triple-digit prices once more. That is an idea that is bad a coalition of businesses, organizations, and state legislators agree.
Started on staff: 2001B.A., University of Virginia
Danny directs the operations of CoPIRG and it is a voice that is leading Denver and over the state to boost transportation, end identity theft, enhance consumer defenses, and obtain big bucks away from our elections. Danny has spearheaded efforts to electrify ColoradoвЂ™s transport systems, and co-authored a groundbreaking report regarding the stateвЂ™s transportation, walking and needs that are biking the following 25 years. Danny also acts in the Colorado Department of Transportation's effectiveness and Accountability Committee and Transit and Rail Advisory Committee, and it is a founding person in the Financial Equity Coalition, an accumulation of general general public, private, and nonprofit companies dedicated to bringing monetary safety to communities throughout Colorado. He resides in Denver together with household, where he enjoys biking and skiing, a nearby meals scene and increasing chickens.
May very well not be aware associated with Office regarding the Comptroller of this Currency but this federal agency is proposing a guideline that will enable banking institutions to disregard the might of Coloradans and bypass our state customer defenses with a "rent-a-bank" scheme that could enable predatory, triple-digit APR loans once more in Colorado.