Home chairwoman backs rate of interest cap on pay day loans The chairwoman for the House Financial solutions Committee stated she intends to advance a bipartisan bill to impose a strict limitation on rates of interest whenever Congress reconvenes year that is next. Under federal legislation, loan providers are prohibited from providing loans to active-duty armed forces users with interest levels greater than 36 %. However the bill, spearheaded by 16 Democrats plus one Republican, would expand that security to all or any People in america. Waters and a large number of Democrats have already been fiercely critical of the “payday” loan industry, that provides loans at high interest levels and repayment due dates as short as a couple of weeks. The buyer Financial Protection Bureau (CFPB) issued
