“ a front for issuing customer loans – was prohibited before the Madden v. Midland ruling, is forbidden now, and would remain prohibited under this bill, ” the declaration stated. “However, Senator Warner is considering including language into the bill especially to allay those issues, and it is currently in talks concerning the easiest way to achieve that. ”
The bill continues to be in committee, and its own future is uncertain.
Georgetown’s Levitin stated no legislation forbids nationally chartered banks from running as a conduit for high-interest loan providers.