The minds of major U.S. banking institutions on Wednesday indicated support that is tentative a federal rate of interest cap on customer loans, which may probably add payday and car name loans.
Throughout a hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, Senator Jack Reed, D-R.I., asked https://cash-central.net/payday-loans-ar/ the CEOs of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo if they would support a 36% cap on interest rates on consumer loans like payday loans wednesday. Continue reading “Big bank CEOs are ready to accept the basic concept of a federal 36% rate of interest cap on customer loans”