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Archive 2018-04-10T21:15:48+00:00

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 [...]

Bank Branch Closures Continue Apace

July 1st, 2021|Comments Off on Bank Branch Closures Continue Apace

The latest S&P Global Market Intelligence statistics for bank branch closures shows U.S. banks and thrifts opened 101 branches and permanently closed 200 in May. This left 82,474 active U.S. branches as of May [...]

Jamie Dimon and Jane Fraser: Doubts about 36% Rate Cap  

June 16th, 2021|Comments Off on Jamie Dimon and Jane Fraser: Doubts about 36% Rate Cap  

In a May 27 Virtual Hearing of the US House Financial Services Committee, Bank CEOs Jamie Dimon (JPMorgan Chase) and Jane Fraser (Citigroup) expressed doubts about a blanket 36 percent APR cap, currently under [...]

AFSA Files Lending Lawsuit in Illinois

June 16th, 2021|Comments Off on AFSA Files Lending Lawsuit in Illinois

On June 2 the Illinois Financial Services Association and the American Financial Services Association (AFSA) jointly filed a lawsuit against the State of Illinois and the Illinois Department of Financial and Professional Regulation (DFPR) [...]