U.S. Senators Dick Durbin (D-IL), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), and Sheldon Whitehouse (D-RI) today introduced legislation to impose national caps on fees and interest on consumer loans at an Annual Percentage Rate (APR) of 36 percent. Online Lenders Alliance Executive Director Andrew Duke issued the following statement:
“The proponents of this bill claim they are protecting consumers, but we have learned from experience – specifically in Oregon – that APR caps result in less access to credit, a shift into harmful substitutes like overdrafts and late bill payments, and more financial harm.”
