Trump to Payday Lenders: Let’s Rip America Off AgainMother Jones 2/10/20 In November 2019, the Federal Deposit Insurance Corporation (along with the Office of the Comptroller of the Currency) floated a permanent loophole for payday lenders that would allow them to launder their loans through out-of-state banks, which aren’t subject to state caps on interest. Payday lenders arrange the loans, the banks issue them, and the payday lenders buy them back.