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 to your 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 discuss the Protecting customers from Unreasonable Credit Rates Act of 2019, a bill Durbin reintroduced yesterday that will eradicate the exorbitant prices and high costs charged to customers for payday advances by capping interest levels on customer loans at a percentage that is annual (APR) of 36 percent—the same limitation currently in position for loans marketed to army solution – people and their own families.
Chairwoman Waters, Subcommittee Chairman Meeks, people in the subcommittee:
Many thanks for permitting me personally to submit testimony with this consumer protection issue that is important. We all know that almost 12 million cash-strapped Americans are charged rates of interest exceeding 300 % for pay day loans, and that the payday financing industry gathers about $8 billion in costs every year because of this. Continue reading “Senator Dick Durbin. Comprehensive text of Durbin’s testimony that is prepared available below:”