Call your members of Congress today and ask them to support HR 5050 to protect Georgians from predatory loans!
On Tuesday, July 7, the Consumer Financial Protection Bureau (CFPB) released its final rule gutting protections against unaffordable predatory payday and car title loans that charge up to 400% APR and higher. Last month, the FDIC joined the Office of the Comptroller of the Currency in issuing rules designed to help online lenders evade state interest rate caps by laundering their loans through banks, and the agencies have announced plans to go even farther to protect "fintech" rent-a-bank schemes from challenge. Gutting these protections will harm already cash-strapped Georgians.
HR 5050, also known as the Veterans and Consumers Fair Credit Act, would enact a permanent federal interest rate cap on many consumer loans. This bipartisan bill covers all lenders (banks and others) and extends the Military Lending Act's protections to veterans and all consumers by capping interest rates at 36%. The Act would not preempt lower state interest rates, but it would stop the debt trap caused by payday and installment lenders that charge 100% APR or higher and would prevent banks from helping high-cost lenders evade state rate caps through rent-a-bank schemes.
We need your voice!
Call your Senator and Representative and ask for the legislative aide who works on banking issues. Otherwise, leave a message with the receptionist.
Be sure to say that you are a constituent. Tell them to stop high-cost predatory lending and to stop banks from helping lenders evade state rate caps, and urge them to co-sponsor the Veterans and Consumers Fair Credit Act.
Please call your Senator and Representative ASAP and urge them to protect consumers from predatory lending during this uncertain time! Below is a list of Georgia members of Congress and their contact information: