Their concern is that the “true lender” rule—one of the last moves by the Trump-era Office of the Comptroller of the Currency, a federal office that supervises nationally chartered banks—upends more than a century of legal precedent to make it easy for non-bank financial institutions, like payday lenders or fintech companies, to evade state-level interest limits, lending at sky-high rates and trapping low-income customers in debt.

Source: A Trump Rule Paved the Way for Predatory Lending. The Window to Reverse It Is Closing. – Mother Jones