Durbin, Blumenthal, Whitehouse Introduce Bill To Protect Consumers From Predatory, High Cost Lending

Durbin, Blumenthal, Whitehouse Introduce Bill To Protect Consumers From Predatory, High Cost Lending

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senators Richard Blumenthal (D-CT) and Sheldon Whitehouse (D-RI) introduced legislation that would cap fees and interest on consumer loans at an Annual Percentage Rate (APR) of 36 percent—the same limit currently in place for loans marketed to military service members and their families. Studies show that while lenders today offer easy credit, these transactions often come with…