American Prospect: Will Democrats Rally to Prevent Predatory Lending?
The first use of the Congressional Review Act (CRA), the process by which Congress can nullify certain executive branch regulations by a majority vote without the possibility of a filibuster, will come as early as today, as the Senate plans to vote to reverse the Trump administration’s rule allowing for wider release of methane, a harmful greenhouse gas, into the atmosphere. The methane CRA resolution, which has bipartisan Senate support, is likely to pass, which is good news for the environment and emissions reduction. But the fates of five other CRA resolutions are far more uncertain.
The public is also on the side of dumping rent-a-bank; Nebraska voters passed its interest-rate cap just last year with 83 percent of the vote, and presumably doesn’t want to see it so easily evaded. “Congress faces a clear choice: protect consumers from abusive triple-digit interest rates—or protect the profits of millionaire predatory lenders who are exploiting the vulnerable during this pandemic,” said Jeremy Funk of the government watchdog Accountable.US.
On the other side are House Republicans, who urged passage of the true lender rule in a letter to regulators last year. Within weeks of that letter, the signatories received over $200,000 from industry trade groups supporting the rule, according to Accountable.US research.