Georgetownâ€™s Levitin stated no law forbids nationally chartered banks from running being a conduit for high-interest loan providers. Banking regulators can simply follow â€œvague, non-binding regulatory guidance,â€ he stated, nonetheless they should be happy to do something against bad actors.
Nonetheless, â€œin the present environment, it is difficult to genuinely believe that theyâ€™re going to crack down he said on them.
Meekâ€™s workplace said he thinks there must be greater clarity that is regulatory between legitimate partnerships and rent-a-bank schemes that induce possibly abusive services and products.
Congressional staffers and lobbyists stated Elevate told them the Protecting Consumers use of Credit Act just isn’t strongly related its business design.