Nouvel Fl’âm, September 20, 2021, Whitehouse, Durbin Introduce Expenses To Crack Down On Payday Advance Loan
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U.S. Senators Sheldon Whitehouse and Richard Durbin brought forth the Protecting Consumers from Unreasonable Credit Rates Act of 2019 that seeks to cap the fee and interest rate creditors can charge borrowers for an open consumer credit plan to no more than 36%.
The National Community Reinvestment Coalition, along with a multitude of different organizations operating in the financial space, supports this reform and hopes to see it passed in Congress.
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