House panel debates interest rate caps

Feb 06, 2020
The House Financial Services Committee met to discuss some lawmakers' concerns about financial partnerships that could be used to allow nonbanks to skirt state caps on interest rates.

The Veterans and Consumers Fair Credit Act (H.R. 5050), introduced by Rep. Jesús "Chuy" García (D-Ill.), would impose a 36 percent federal interest rate cap on all consumer loans. The committee has a follow-up hearing scheduled for Feb. 26.