Nov 28, 2023 | Congressional Legislation, Federal Regulation, News
Banking Trade Groups Argue Interest Rate Cap Could Impact Subprime Borrowers’ Credit Access In a recent joint letter to lawmakers, seven bank trade groups warned that the Military Lending Act, which would impose a 36 percent interest rate cap on consumer loans, could...
Oct 3, 2023 | Congressional Legislation, Federal Regulation, News
Senate Advances SAFER Banking Act, Sending Legislation to Senate Floor Last week, the Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, a week after it was filed with revisions to garner more bipartisan buy-in. The...
Sep 21, 2023 | Congressional Legislation, News
Senate Banking Committee Schedules Vote on SAFE Banking Act On September 27, the Senate Committee on Banking, Housing, and Urban Affairs is set to hold a vote on the Secure and Fair Enforcement (SAFE) Banking Act, which would make it easier for financial institutions...
Sep 19, 2023 | Congressional Legislation, News
Sen. Josh Hawley Proposes Legislation to Cap Credit Card Interest Rates at 18% Last week, Senator Josh Hawley (R-Mo.) introduced legislation that would cap the maximum interest rate credit cards could charge annually at 18 percent. By comparison, the average credit...
Jun 15, 2023 | Congressional Legislation, Federal Regulation, News
CFPB Director Rohit Chopra Testifies Before House, Senate Committees Last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified at hearings before the House Financial Services Committee and Senate Banking Committee to present the CFPB’s...
May 26, 2023 | Congressional Legislation, News
Sens. Scott, Manchin Reintroduce Credit Access and Inclusion Act Last week, U.S. Senators Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, and Joe Manchin (D-W.Va.) reintroduced the Credit Access and Inclusion Act. The...