WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), a longtime champion of legislation to rein in the predatory payday lending industry, today submitted testimony into the home Financial solutions Subcommittee on Consumer Protection and banking 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 could get rid of the extortionate rates and high charges charged to customers for payday advances by capping rates of interest on customer loans at a percentage that is annual (APR) of 36 percent—the same restriction currently set up for loans marketed to armed forces service – members and their own families.
Comprehensive text of Durbin’s prepared testimony is available below:
Chairwoman Waters, Subcommittee Chairman Meeks, people in the subcommittee: many thanks for permitting us to submit testimony with this consumer protection issue that is important. Continue reading “Without a doubt about Senator Dick Durbin”