Democrats are Split on Interest Rate Cap Bill

There has long be rumors that there was a split amongst democrats over whether extending the 36 percent rate cap to all consumer loans was a good idea; many members voiced concerns that APR should not be used to evaluate all loans, especially those under a year; “APR I don’t think is the best way to evaluate the cost of short-term loans,” said Rep. Brad Sherman, D-Calif., to American Banker; the biggest concern is that the rate cap would eliminate loans to those who need them the most; there is also the issue of valid when made that states the interest rate of the loan where it is originated can be preserved when the loan is sold; the split amongst democrats has existed for quite some time but is now public as democrats try to push for the bill’s adoption. American Banker

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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.