ATTORNEY GENERAL BONTA SOUNDS THE ALARM ON TACTICS FROM PREDATORY LENDERS TO EVADE STATE CONSUMER PROTECTION LAWS, ALERTS FEDERAL FINANCIAL REGULATORS

SACRAMENTO, Calif., July 15 -- The California Attorney General issued the following press release:

OAKLAND- California Attorney General Rob Bonta has sent two letters to financial regulators sounding the alarm over attempts by predatory nonbank lenders to circumvent state laws by forming sham partnerships with national banks - or attempting to become national banks themselves.In a letter sent today, Attorney General Bonta and a coalitionof 20 attorneys generalcall on the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve (FRB), and Federal Deposit Insurance Corporation (FDIC) to prevent predatory lenders from engaging in these actions in order to bypass state consumer protections.In asecond lettersen...