Senate rulings insist on caps on federal consumer lending rates



Law360 (Jul 29, 2021 7:21 PM ET) – Senate Democrats renew efforts to curb high-cost lending with a consumer advocate-backed law that would set the national consumer loan interest rate cap at 36%, which caused by resistance from Republicans and industry representatives on Thursday.

At a Senate Banking Committee hearing, Ohio Chairman Sherrod Brown said he was “optimistic” that bipartisan support could be found for the Veterans and Consumer Fair Credit Act, which would expand certain protections for military borrowers under the Military lending.

The bill, which was re-introduced this week by Senator Jack Reed, M.D., Brown, and a number of other Senate Democrats, will expand the scope …


Source link