The big vote
May 18, 2010 | alternatives, federal legislation, industry | Comments (0)No, not a payday lending vote. The Whitehouse amendment is becoming the big battle on financial reform. From the Senator’s piece today in Politico:
Currently pending before the Senate is a bipartisan amendment to the Wall Street reform bill that would restore to the 50 states the power to protect their citizens from unscrupulous out-of-state lenders.
It would make clear that the interest limits of the consumer’s state govern all interstate consumer lending transactions — including credit card lending. If this amendment is passed, each state could again enforce interest rate limits against lenders doing business with its citizens.
CFSA members, of course, adhere to all state laws.
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