Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Senate bill would let states set credit rates
WASHINGTON (11/14/11)--The Empowering States' Rights to Protect Consumers Act, introduced by Sen. Sheldon Whitehouse (D-R.I.) late last week, would allow states to set their own limits on credit card and other consumer loan interest rates.

The bill intends to return a right states had before a key 1978 Supreme Court decision found that national banks were only subject to the lending laws of their home-base state. Whitehouse's legislation is cosponsored by Sens. Carl Levin (D-Mich.), Dick Durbin (D-Ill.), Jack Reed (D-R.I.), Bernie Sanders (D-Vt.), Mark Begich (D-Alaska), Jeff Merkley (D-Ore.) and Al Franken (D-Minn.)

Whitehouse introduced similar legislation in 2009, and the bill was considered in 2010 as a possible amendment to the Dodd-Frank Act but was ultimately defeated.

Credit Union National Association (CUNA) Executive Vice President for Government Affairs John Magill said the chances of Whitehouse's legislation moving forward are slim.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago