U.S. Senate Democratic Whip Dick Durbin (D-IL) today introduced the Protecting Consumers from Unreasonable Credit Rates Act of 2019, legislation that would eliminate the excessive rates and steep fees charged to consumers for payday loans by capping interest rates on consumer loans at an Annual Percentage Rate (APR) of 36 percent—the same limit currently in place for loans marketed to military service-members and their families. The bill is cosponsored by U.S. Senators Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI), and Richard Blumenthal (D-CT).
