On February 4th, 2020, partners from the NC Coalition for Responsible Lending joined a comment opposing the Federal Deposit Insurance Corporation proposal that would allow payday lenders to partner with out-of-state banks to evade state interest rate caps, including North Carolina’s. This proposal would have harmed the people of North Carolina by subjecting them to predatory loans that would exploit many of our most financially vulnerable residents. The intention of this letter was to ensure that borrowers can repay these loans without financial hardship and without being forced into a cycle of debilitating repeat borrowing.
