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“Personal installment loans are often a critical lifeline for borrowers with limited credit options, allowing them to pay for unexpected expenses or to consolidate debts.”

- Assistant Attorney General Bill Baer, Justice Department Antitrust Division (2015)

“In both rich and poor countries alike, credit institutions have favored the rich and in so doing, have pronounced a death sentence on the poor… "

- Muhammad Yunus, Banker to the Poor (1999)

“We recognize the need for emergency credit. At the same time, it is important that these products actually help consumers, rather than harm them.”

-Richard Cordray, CFPB, Birmingham, AL (Jan 2013)

“Payday borrowers strongly support requiring the loans to have affordable installment payments.”

- Pew Charitable Trusts

Bankers Declare Opposition to Proposed 36 percent APR Caps

August 9th, 2021|Comments Off on Bankers Declare Opposition to Proposed 36 percent APR Caps

A July 23 letter to the US Senate Banking Committee from a number of leading bank and credit union groups has declared unequivocal opposition to proposals under consideration for a 36 percent “all-in” APR [...]

NILA Comment on Senate Banking Committee Rate Caps Hearing

August 3rd, 2021|Comments Off on NILA Comment on Senate Banking Committee Rate Caps Hearing

On July 29, the US Senate banking committee held a hearing entitled “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone”.  NILA has a public interest responsibility to point out [...]

Why Banks Do Not Lend in Low- and Medium-Income Neighborhoods

August 2nd, 2021|Comments Off on Why Banks Do Not Lend in Low- and Medium-Income Neighborhoods

Explaining to policymakers and others why banks are unable and unwilling to pick up the slack in states where onerous lending laws make it impossible for traditional installment lenders to offer credit, has become [...]

Bankers declare opposition to proposed 36%APR caps on the grounds of harm to those expected to benefit #unbanked #bankers #consumerfinance https://nilaonline.org/2021/08/09/bankers-declare-opposition-to-proposed-36-percent-apr-caps/

Bankers declare oppostion to 36 percent APR caps saying "Congress should reject...these measures" https://nilaonline.org/2021/08/09/bankers-declare-opposition-to-proposed-36-percent-apr-caps/

Bankers declare opposition to 36 percent APR cap #underbanked
https://nilaonline.org/2021/08/09/bankers-declare-opposition-to-proposed-36-percent-apr-caps/

Illinois Lending Law: “Gonna really hurt a lot of people.” #illinois #consumerfinance #restorecreditinIL

https://nilaonline.org/2021/05/28/illinois-lending-law-gonna-really-hurt-people/

Public Banks and the Postal Service can't help borrowers who need small loans in Illinois | Letters https://chicago.suntimes.com/2021/3/28/22352716/public-banks-post-office-predatory-lending-illinois-financial-services-association-letters?utm_campaign=chicago.suntimes&utm_content=entry&utm_medium=social&utm_source=twitter via @SunTimes

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