The House of Representatives passed bipartisan legislation Wednesday that would ensure that non-bank financial firms are allowed to charge high interest rates on certain loans, a measure that supporters said was necessary to support the firms and provide credit to low-income borrowers.
Critics described the bill as a way to allow companies to skirt state laws and charge usurious rates, freeing the hands of payday lenders and others.
The bill, the Protecting Consumers' Access to Credit Act of 2017, passed 245-171. The bill was written by House Financial Services Committee member Patrick McHenry, a North Carolina Republican, and co-sponsored by two Democrats: Gregory Meeks of New York and Gwen Moore of Wisconsin.
McHenry said his bill's "passage marks an important step towards modernizing our financial system and ensuring financial inclusion for all Americans."
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9 comments:
P.O.S., useless government at work...
The US is becoming Israel
Any name the government gives anything they touch is deceitful. The right to work state the federal reserve the affordable care act for example. They all mean the absolute opposite of what is actually happening to the people they affect.
Screwing over the Little Guys, and letting the Big Guys get a free ride on their backs.
Of course that one was passed!
High-interest loans to low-income workers. Good plan. Allow the predation of the most desperate. They'll just take your armored trucks I guess.
Got to be able to go somewhere for a loan,banks wont lend except to their friends.I know lots of small businesses who cant get loans from banks because it's not worth it to them lending 100k anymore.
In the mid 80's with good credit I financed my Ford Ranger with 9.9% financing.
Larry's Homes in Laurel Delaware financed single wide trailers for 14 % interest.
No one screamed this was horrible back then.
Don't like high interest rates and have bad credit from not paying off previous loans? Then buy what YOU can afford, and don't expect someone else to pay for it.
Lots of businesses can't get credit from banks even with good credit.
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