Legislation proposing to cap the annual percentage rates lenders can charge consumers on loans at 15 percent met with swift pushback from the financial industry. Trade advocates and business experts have said the plan would hurt consumers, as well as banks.
Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) proposed the two-page bill, dubbed the “Loan Shark Prevention Act,” as a means of curtailing predatory lending practices by large banks and protecting consumers against excessive credit card interest rates.
Learn why the industry is opposed to the measure.