WASHINGTON вЂ“ 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 bad credit auto title loans to your home Financial solutions Subcommittee on customer Protection and finance institutions hearing on ending financial obligation traps when you look at 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 excessive prices and high charges charged to customers for payday advances by capping rates of interest on customer loans at a annual portion price (APR) of 36 percentвЂ”the same limitation currently in position for loans marketed to armed forces solution – users and their loved ones.
Complete text of DurbinвЂ™s prepared testimony is available below:
Chairwoman Waters, Subcommittee Chairman Meeks, users of the subcommittee: many thanks for enabling me personally to submit testimony about this consumer protection issue that is important. We all know that nearly 12 million cash-strapped Americans are charged rates of interest surpassing 300 per cent for pay day loans, and therefore the lending that is payday collects about $8 billion in charges every year because of this. Read More “Senator Dick Durbin. Comprehensive text of DurbinвЂ™s testimony that is prepared available below”