36% Rate Cap Bill filed in the U.S. House of Representatives

Mark Campanale Government Relations, Government Relations Updates, Legislative Updates & Alerts, Rate Cap

On November 15, 2021, H. R. 5974 the Veterans and Consumers Fair Credit Act was introduced by Rep. Jesus G. “Chuy” Garcia, (IL-D-4). Although the text is not yet publicly available for NPA’s Team GRC to review, the intent of the bill is to amend the Truth in Lending Act by extending the 36% APR of the Military Lending Act …

Senator Durbin Files S. 2349 Establishes a 36% Cap on Fees and Interest

Mark Campanale Government Relations, Legislative Updates & Alerts, Members Only, NPA News, Rate Cap

July 15, 2021 Cliff Andrews obtained a copy of S. 2349, which was filed yesterday, July 14th, by Senators Durbin (Illinois), Merkley (Oregon), Blumenthal (Connecticut), and Whitehouse (Rhode Island). The bill amends TILA and imposes a cap on “fee and interest” of 36 per cent on closed-end transactions covered by TILA. It contains limited tolerances that do not appear to …