AFFIL Supports S. 582, the Interest Rate Reduction Act
(June 26, 2009) AFFIL joined several of our Partners in sending this letter (PDF) to Congress supporting S. 582, the Interest Rate Reduction Act. The bill was proposed by Senator Bernie Sanders (I, VT) and a companion bill was introduced in the House by Representative Maurice Hinchey of New York (H.R. 1640).
S. 582 and H.R. 1640 would cap interest rates at 18%. Here’s an excerpt from the letter:
The undersigned organizations applaud you for introducing S. 582, the Interest Rate Reduction Act. This bill would extend to all lenders the interest rate caps that have long protected federal credit union members from usurious interest charges.