Stop 100% APR Loans in Your State!

Tell your U.S. Representative and Senators to take action on two items in Washington, D.C. that could impact predatory lending in every state in the country! 

Email your members of Congress || Other actions you can take

First, tell your lawmakers to support and co-sponsor the Fair Credit Act, H.R. 5050 (Rep. Chuy Garcia) & S. 2833 (Sen. Merkley), which would extend to veterans and other consumers the 36% APR rate cap that currently protects active-duty servicemembers and their families.  The bill would apply to all lenders, including banks.  The Veterans and Consumers Fair Credit Act would not preempt states from imposing lower rate caps. The bill would eliminate the most egregious 100% to 400% payday loans and would stop high-cost online lenders from using rent-a-bank schemes to evade state interest rate caps.

Second, insist your representatives oppose the final rules issued by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. that encourage online non-bank lenders to launder their loans through banks so they can offer high-cost triple-digit loans in states where such loans are illegal. Banks are not covered by state interest rate limits, and online lenders are increasingly using banks as a fig leaf to cover illegal loans. 

Contact your members of Congress NOW.

Tell your Senators and Representative to support the Veterans and Consumers Fair Credit Act and to stop rent-a-bank predatory lending!