This post over at US PIRG's Consumer Blog explains that Sen. Dick Durbin of Illinois has introduced a federal usury statute that would cap consumer loan interest rates at 36%. The post links to a supporting letter from about 100 consumer groups and a statement from Sen. Durbin. The bill has not yet be uploaded to Thomas, but it can be found at this page of the Federal Register.
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This bill puts payday loan & title loan companies & in the same category of consumer loan companies.
Payday loans need strict regulation on the federal level. Consumer loan companies are highly regulated on the state level & should remain the same.
Insurance products are voluntary & serve a useful purpose. They should not be included in the APR.Only true finance charges & fees should be included.
Posted by: Lou Wagner | Monday, March 09, 2009 at 05:40 PM
Capping interest rates at 36% is astounding. Credit card interest rates are at or fast approaching that now. Hasn't anyone heard of "usury"? 36% is usury. 25% is usury. The banking industry is beyond control. Their fees make their current rates of 30+% more like 40% or 50%. Laws from ancient times outlawed these rates. Senator Durbin needs to step back and consider how far he's out of step
Posted by: John Stovall | Friday, March 20, 2009 at 06:38 AM
It will be interesting to see if Durbin truly has the support to get this passed. It seems to have lost some steam over the last couple of months.
Posted by: Consumer Loan Software | Sunday, May 17, 2009 at 06:38 PM
One of the best sample of predatory loans is the Federal Students Loan.
Posted by: patriot247 | Tuesday, August 04, 2009 at 12:06 AM