H.R. 4861 would invite banks back into the business of making harmful 200-300% interest rate loans
WASHINGTON, D.C. – Today in a committee markup meeting scheduled for 10:30 a.m. ET, the Committee on Financial Services is scheduled to begin considering a bill aimed at weakening consumer protections for Americans and opening the floodgate for abusive predatory lending practices. H.R. 4861, the so-called “Ensuring Quality Unbiased Access to Loans” (EQUAL) Act, authored by Congressman Trey Hollingsworth (R-Ind.), will promote harmful predatory lending.