Lawsuit: NY AG says Trump administration rule allows lenders to 'prey on vulnerable New Yorkers'

New York State Attorney General Letitia James
Photo credit © Sipa USA
By 1010 WINS

NEW YORK (1010 WINS) – State Attorney General Letitia James filed a lawsuit Thursday to stop a Trump administration rule she said would allow predatory payday lenders to bypass state interest-rate caps and take advantage of New Yorkers.

James is among eight attorneys general from across the country filing the suit against the Federal Deposit Insurance Corporation (FDIC) over a rule they said allows the federal government to preempt state usury laws.