From Stop the Debt Trap (http://stopthedebttrap.org/):
Just after Veterans’ Day, members of Congress introduced the bipartisan H.R. 5050, or the Veterans and Consumers Fair Credit Act of 2019, introduced in the House by Reps. Jesús “Chuy” García (D-IL) and Glenn Grothman (R-WI), legislation that would put a 36% APR interest rate cap on payday and car-title loans. It expands the very successful Military Lending Act rate cap that currently only covers active-duty service members and their families to veterans and all consumers. That means that payday loan sharks would not be able to charge sky-high, triple-digit interest rates on their deceptive loans.
While the Consumer Financial Protection Bureau is working to rollback consumer safeguards, Congress has taken action to rein in abuses by this exploitative industry. If passed, this bill would go a long way toward dismantling the payday debt trap!
Now is the time for action.
Stop the influence that the payday industry has on this administration by calling your member of Congress and urging her/him to support legislation, by becoming a co-sponsor, to enact a rate cap on all predatory payday and car-title lenders.
Call your delegation today – Urge him/her to become a co-sponsor on the Veterans and Consumers Fair Credit Act of 2019!
Find your representative’s phone number here: http://www.house.gov
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