Interest Rates Higher than 390%? Kustoff Says YES!

February 13, 2018 by  
Filed under Issues, Payday Lending, Recent Blog Posts

Apparent friend of legalized loan sharks Rep. David Kustoff of Tennessee’s 8th Congressional District apparently thinks payday predator interest rates of 390% aren’t high enough.

Kustoff voted for H.R. 3299 in the House Financial Services Committee. This legislation would allow out-of-state and online lenders to “Rent-a-bank” and circumvent Tennessee’s caps on interest rates. That could mean trapping low-income borrowers in loans with rates far exceeding 390%.

Contact Rep. Kustoff today — tell him he got it wrong in committee and he should oppose this dangerous bill on the floor.

Then, contact your Member of Congress and let them know they should oppose this bill.

More than 200 organizations, including consumer advocates, civil rights, and faith organizations across the country, have come out against H.R. 3299. In addition, twenty State Attorneys General have warned against the dangers of provisions in this bill.

State-level rate caps on payday and car title loans save borrowers over $5 billion annually in payday and car title loan fees. This bill would hand that $5 billion over to the loan sharks. It would also make it impossible for state voters or legislatures to put in place effective interest rate caps in the future.

Help us urge your member of congress to vote “NO” on H.R. 3299 to say NO to predatory lenders and stand up for hard pressed borrowers and when this bill comes to the floor of the House.

shark

 

For more on our efforts to fight back against payday predators, follow @TNCitizenAction

Help ensure your voice is heard on Election Day — Take the Proud Voter Challenge today!


 

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