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These loans are especially harmful in the period of COVID 19, magnifying the crisis that is financial.

HOPE Submits Reviews Opposing OCC Real Lender

Please find underneath the responses associated with the Hope Enterprise Corporation / Hope Credit Union/Hope Policy Institute (HOPE) in reaction towards the OCC Notice of Proposed Rulemaking, National Banks and Federal Savings Associations as Lenders, HOPE is really a credit union, community development lender and policy institute providing you with affordable economic solutions; leverages private, public and philanthropic resources; and partcipates in policy analysis to meet its objective of strengthening communities, building assets, and enhancing everyday lives in economically troubled areas throughout Alabama, Arkansas, Louisiana, Mississippi and Tennessee. Throughout the last 25 years, HOPE has created over $2.5 billion in funding which includes benefited significantly more than 1.5 million people.

Given the experiences of y our users, described herein, our company is worried that the OCC proposition will enhance, rather than alleviate, the burdens of high expense lending inside our area. In most five Deep South states, high expense lenders, such as for example payday and vehicle name loan providers, seem to be saturating our communities. Continue reading