CFA and Groups Thank U.S. Rep. Cartwright for Introducing “Protecting Consumers from Unreasonable Credit Rates Act of 2014”
CFA thanks Rep. Cartwright for introducing the “Protecting Consumers from Unreasonable Credit Rates Act of 2014,” which would establish a federal 36 percent APR usury cap. A fair rate cap will protect consumers and curb abuses in the high-cost small dollar loan market. The 36 percent rate cap set by your legislation would allow responsible lenders to continue to serve consumers with less-than-perfect credit and encourage lenders to establish meaningful ability to repay standards.
