On Thursday, July 29, the Senate Banking Committee will hold a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone.”

The scheduled witnesses for the first panel are Republican Congressman Glenn Grothman and Democratic Congressman Jesús G. “Chuy” García.  The scheduled witness for the second panel are:

According to an NPR report published last week, a group of lawmakers consisting of three Democratic Senators, one Democratic House member, and one Republican House member is expected to introduce House and Senate versions of the “Veterans and Consumers Fair Credit Act,” a bill that would effectively establish a 36% rate cap for consumer loans. 

As discussed in an earlier post, on November 6, 2018, Colorado’s voters passed Proposition 111, seeking to limit interest rates and fees charged on payday loans in Colorado to an annualized percentage rate of thirty-six percent. Effective February 1, 2019, the proposition amends Colorado’s Deferred Deposit Loan Act (C.R.S. § 5-3.1-101., et seq.),