“Scheme to rip off consumers”
March 26, 2009 | federal legislation, industry, positive media coverage, regulation | Comments (1)At bloggernews.net, Larry Meyers has some unkind things to say about Senator Durbin’s 36% rate cap bill:
Sen. Durbin claims this is “good for the consumer”, but he ignores the litany of non-partisan, non-biased studies proving that consumers fare worse when such credit is restricted, as has happened in numerous states recently. He also ignores that fact that almost 100,000 people will be put out of work! Think about that. Here we are in a recession, and Durbin is deliberately proposing to put one hundred thousand people on the unemployment line. SHAME ON YOU, Senator.
Yes, the Durbin bill will force consumers to bounce more checks while bounced check fees are not covered by the cap. Nice if you’re a bank. Crummy if you’re a consumer.
Limiting options
March 17, 2009 | industry, regulation | Comments (1)Tim Miller at Center for Consumer Freedom takes on the Durbin Bill in the Orlando Sentinel:
It boggles the mind then to consider that in the midst of this credit crisis, any legislator would propose to restrict small lines of credit to the neediest Americans. , Sen. Dick Durbin on Feb. 27 filed a bill, S. 500, that would establish a national interest-rate cap on consumer-credit transactions, a restriction that would eliminate some of the last remaining sources of loans available to families with few alternatives.
Durbin’s plan to eliminate credit options in a credit crisis is like closing hospitals during a flu epidemic.
Yes, it boggles the mind.
