WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), a longtime champion of legislation to rein in the predatory payday lending industry, today presented testimony to your home Financial Services Subcommittee on customer Protection and finance institutions hearing on ending financial obligation traps into the payday and dollar credit industry that is small. The subcommittee will talk about the Protecting customers from Unreasonable Credit Rates Act of 2019, a bill Durbin reintroduced yesterday that will get rid of the extortionate rates and high costs charged to customers for payday advances by capping rates of interest on consumer loans at a percentage that is annual (APR) of 36 percent—the same limit currently in position pay day loans for loans marketed to armed forces solution — people and their loved ones.
Chairwoman Waters, Subcommittee Chairman Meeks, users of the subcommittee:
Many thanks for permitting me personally to submit testimony with this essential customer security problem. We realize that almost 12 million cash-strapped Americans are charged interest levels surpassing 300 per cent for payday advances, and therefore the lending that is payday gathers about $8 billion in charges every year because of this. Читать далее «Senator Dick Durbin. Comprehensive text of Durbin’s prepared testimony is available below:»