Loading....

Tell Your Representatives to Co-Sponsor the Veterans and Consumers Fair Credit Act (VCFCA)

Tell your Member to co-sponsor H.R.5974/S.2508.

Subject: Please sign on as a co-sponsor and support the Veterans and Consumers Fair Credit Act

Message:

I'm writing to express my support for the Veterans and Consumers Fair Credit Act (H.R.5974/S.2508), and to ask you to sign on as a co-sponsor. This bill extends the 36% interest rate cap found in the Military Lending Act to all consumers, including veterans and Gold Star Families. The VCFCA covers all types of lenders, including banks, and would prevent abuses by high-cost, predatory payday loans, auto-title loans, and similar forms of toxic credit across the nation by: - Establishing a simple, common sense limit on interest rates; - Preventing hidden fees and loopholes; - Simplifying compliance by adopting a standard that lenders already understand and use; - Upholding the ability of states to adopt stronger protections as needed, such as lower rates for larger loans. The 36% interest rate cap goes back over 100 years, and has been widely accepted as the dividing line between responsible lending and destructive credit. Voters across the political spectrum widely support limiting interest rates — and support the 36% rate cap, in particular. A number of states already have some sort of reasonable rate cap. For instance, in November 2020, Nebraska voters overwhelmingly approved a 36% interest rate limit. The 36% cap is also supported by a broad coalition of federal agencies, lawmakers, responsible lenders, and innovators. In states where interest rate caps have been approved, consumers have consistently been better off, finding safer alternatives to payday and other predatory loans. The 36% rate cap also prevents predatory lenders from evading state laws through "rent-a-bank schemes" and other dishonest tactics, discourages debt-trap short-term loans, and incentivizes responsible underwriting. Congress has already accepted this rate limit as a strong, reasonable protection in the Military Lending Act. Extending this cap to all consumers will provide an unprecedented level of protection for consumers, crack down on lenders who break the law, and ensure fairness for consumers and lenders alike. I urge you to support this common-sense legislation. Thank you.

Characters remaining:

Organization Name
ORG ADDRESS LINE 1 ORG ADDRESS LINE 2 | Org City, Org State Org Zip
ORG CONTACT PHONE | Org Email

Tell Your Members of Congress to Co-Sponsor the Veterans and Consumers Fair Credit Act (VCFCA)

Tell Your Representatives to Co-Sponsor the Veterans and Consumers Fair Credit Act (VCFCA)

Tell Your Representatives to Co-Sponsor the Veterans and Consumers Fair Credit Act (VCFCA)

Sorry, we're not targeting any representatives in your district. But, you can still help!

Tell Your Representatives to Co-Sponsor the Veterans and Consumers Fair Credit Act (VCFCA)

Thank You for Taking Action!