Stop runaway greed in our financial system

Stop runaway greed in our financial system

I pledge to...

<br /><br /><br /><br /><br /><a href="https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085">https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085</a><br /><br />
<p>Stop runaway greed in our financial system</p>
<p>In this economy, a 36% interest rate seems outrageous. <strong>But loopholes in our laws let operators charge 400% OR MORE for certain types of loans! </strong>Even your credit cards can rack up annual fees and interest that add up to more than 36%.</p>
<p>These operators take advantage of the weakest state laws to rip off financially struggling consumers throughout the country. You&rsquo;ve likely seen their ads for tax refund loans, car title loans, and payday loans, whose storefronts dot nearly every intersection.</p>
<p><strong>The loopholes can also be abused by credit card issuers, who can jack up rates and fees to stratospheric proportions.</strong> A new bill would cap these interest rates at 36%, while letting states that have even stronger laws continue cracking down on operators with loan-shark type practices.</p>
<p><strong>Let&rsquo;s stop this runaway greed and bring responsibility back to our financial system!</strong> Tell your members of Congress to support a cap on all consumer credit transactions.<br /><br /><a href="https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085">https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085</a><br /><br />Billions of taxpayer dollars have gone to bail out the lending industry, but little has been done to protect consumers from unscrupulous lending practices that are driving Americans deeper into debt.<br /><br />I urge you to pass S. 500/HR 1608, the Protecting Consumers from Unreasonable Credit Rates Act of 2009, to rein in the 'Wild West' of unregulated lending in our country.</p>
<p>Right now, loopholes in federal regulations allow companies to operate from states with the weakest lending laws and charge interest rates that would make a loan shark blush. These loopholes have allowed companies to charge an average of 400% for payday loans, between 50% and 500% annual interest for tax refund loans, and up to 3,500% annual interest for bank overdraft loans. Even credit card interest rates can shoot above 36% APR if a few payments are made late.</p>
<p>The Protecting Consumers from Unreasonable Credit Rates Act of 2009 closes the loopholes that allow these companies to operate out of states with the weakest consumer credit protections, and places a 36% cap on interest rates. States with stricter protections than the federal cap can continue to enforce their laws, and state Legislatures that want to create new laws to better protect their residents from unscrupulous lending practices can continue to do so.</p>
<p>The provisions in S. 500/HR 1608 will rein in unregulated lending that allows out-of-state operators to charge unfair interest rates on many credit transactions. Simply put, this bill will help stabilize our economy and protect those who need it most.</p>
<p>Much taxpayer money has been spent to bail out the banks and lenders from the financial mess they created, often with predatory lending tactics.<br /><br /><a href="https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085">https://secure.consumersunion.org/site/Advocacy?cmd=display&amp;page=UserAction&amp;id=2085</a></p>

[Your name]