Senator Richard Durbin (D-IL) has introduced Senate Bill 500, the “Protecting Consumers from Unreasonable Credit Rates Act.” In effect, this bill would eliminate payday lending and most all other forms of short-term lending in the U.S.

 

Senator Durbin’s bill applies to all forms of consumer credit (with the exception of bounced check/non-sufficient funds fees and some installment loans). It is intended to restrict the availability of credit to working, middle-class Americans.  The Payday Pundit opposes this bill, not only on behalf of the millions of payday advance customers and tens of thousands of employees of the industry, but on behalf of all hard-working Americans who need access to short-term credit and the people in various credit institutions that serve those needs.