Durbin, Blumenthal, Whitehouse Introduce Bill To Protect Consumers From Predatory, High Cost Lending
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senators Richard Blumenthal (D-CT) and Sheldon Whitehouse (D-RI) introduced legislation that would cap fees and interest on consumer loans at an Annual Percentage Rate (APR) of 36 percent—the same limit currently in place for loans marketed to military service members and their families. Studies show that while lenders today offer easy credit, these transactions often come with high interest rates, steep late fees, and other hidden charges. This predatory business model exploits hard-working Americans, trapping them in long-term debt cycles that drain bank accounts and cause serious, long-term financial harm. “Too many Americans suffer long-term financial harm from predatory loans and deceptive tactics. We need federal legislation that cracks down on predatory lending and closes loopholes used to exploit hard-working Americans,” Durbin said. “The Protecting Consumers from Unreasonable
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