Attorney General James Sues Trump Administration Over Rule That Would Allow Predatory Lenders to Target Vulnerable New Yorkers

Posted to Applied Web NY on Wed, 07/29/2020 - 14:30

NEW YORK – New York Attorney General Letitia James today filed a lawsuit to stop the Trump Administration from giving predatory lenders the ability to take advantage of consumers by charging high interest rates on loans and bypassing state interest caps — or usury laws — already in place, even as the coronavirus disease 2019 (COVID-19) public health crisis continues to wreak havoc on state and national economies. Attorney General James, along with the attorneys general of California and Illinois, filed the suit to stop a new Trump Administration rule that would allow the federal government to preempt state usury laws and allow third-party entities to prey on vulnerable New Yorkers.

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