TBA Law Blog

Posted by: Brittany Sims on Jul 17, 2014

U.S. Rep. Steve Cohen, D-Memphis, and congressional Democrats are targeting predatory lenders with new legislation aimed at capping high fees and interest rates than can eclipse 300 percent. The Protecting Consumers from Unreasonable Credit Rates Act would limit interest rates and fees at 36 percent for all consumer credit transactions, a rate cap that currently applies only for military personnel and their families. The Memphis Business Journal has more.