The California Assembly has passed legislation to end a 34-year era during which non-bank lenders have been free to charge consumers unlimited interest rates on loans from $2,500 to $10,000. By setting a 36% annual rate cap on such loans, Assembly Bill 539 by Assembly Banking and Finance Committee Chairwoman Monique Limón,...
Walters: Capping High Interest Rates on Loans Doesn't Fix Poverty
Last month, the Federal Reserve System issued a report on “the economic well-being of U.S. households” and it contained a rather disturbing bit of data. “If faced with an unexpected expense of $400,” a survey of American households found, “61% of adults say they would cover it with cash, savings,...