Bipartisan Coalition to Introduce Nationwide Cash Advance Bill
A bipartisan coalition of lawmakers intends to introduce a bill that will cap rates of interest at 36 per cent yearly, NPR reports.
Rep. Glenn Grothman, R-Wis., Sens. Jeff Merkley (D-Ore), Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), along with Rep. Jesъs “Chuy” Garcнa (D-Ill.) will quickly introduce the Veterans and Consumers Fair Credit Act.
“It’s hard to assume who does desire to just take down that loan with an intention rate of 150 or 200 % a year,” Grothman told NPR. Continue reading