U.S. House Financial Service Committee to Vote on Reform Bill
On this GIVING TUESDAY…Give your member of Congress a call!
Contact Committee Members TODAY!
As CBF Advocacy continues our work for reform of payday and auto title lending practices we are encouraged by positive steps in Congress. On November 12, a bipartisan bill was introduced that may soon receive a vote in committee. The Veterans and Consumers Fair Credit Act (H.R. 5050), would extend to veterans, and all American consumers, protections from usurious lending afforded active duty military members.
The bill, co-sponsored by Rep. Glenn Grothman (R-WI-6) and Rep. Jesus D. “Chuy” Garcia (D-IL-4) would institute a 36% APR rate limit to small loans. This traditional usury limit exists in many states today and is the strongest possible protection against loans designed to act as debt traps.
Committee members will soon be asked their position for a potential vote, so contact them BEFORE DECEMBER 5th! You can find the members of the committee listed here. To find who represents you in congress, click here.
Please call or email members of the committee and urge their support TODAY!
- For a sample of an email text, click here.
- For more information about the bill, click here.
- For talking points in support of the bill, click here.
- For basic information on payday and auto title lending and why so many Christians oppose this practice, click here.
More information about CBF’s advocacy efforts and numerous published resources on our website here.