March 26, 2024 — Featured News

Appearing in American Banker on March 26, 2024, Kevin Wack interviews NCLC associate director Lauren Saunders for coverage of industry groups suing to block a Colorado law — set to take effect this summer — that will serve as a test case in the nationwide legal fight over state interest rate caps on consumer loans.

Lauren Saunders, associate director at the National Consumer Law Center, argued that the plaintiffs are misinterpreting the 1980 federal law.

“They’re confusing two different parts of the law that have different standards,” she said in an interview.

On Monday, Saunders submitted testimony in favor of a Rhode Island bill that is similar to the Colorado statute. She said Tuesday that other states are likely to follow Colorado’s lead, assuming the courts uphold its law.

Few states had used their opt-out authority under the 1980 federal law before Colorado did last year.

“As long as we are seeing state-chartered banks enabling predatory lending in other states, we are going to see states exercising their rights to prevent that predatory lending.”

Lauren Saunders, associate director at the National Consumer Law Center

Support NCLC

Please support NCLC's work to advance consumer rights and economic justice with a tax-deductible contribution today!