Five U.S. Senators have asked the OCC, the FDIC and the Federal Reserve to stop the banks under their respective jurisdictions from making predatory payday loans. At least four big banks have started making the triple-digit interest loans, which are virtually identical to the predatory payday loans that trap borrowers in long-term, high-cost harmful debt.

Carve-outs for payday lenders will undermine state protections and CFPB.

Testimony of Kenneth W. Edwards Vice President of Federal Affairs, Center for Responsible Lending, before the House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit in regards to hearing on Examining Consumer Credit Access Concerns.

Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from charging higher than 36 percent APR.

CRL conducted a national survey to measure public support for one strategy on the table: a 36 percent cap on annual interest rates for consumer loans. The survey found high levels of support for such a measure, which had very little variance across different demographic groups.

Explains the importance of a federal 36% interest rate cap in stopping predatory lending and stimulating the economy.