Weston Loyd
Vice President, Press Secretary
- (202) 552-6363
- wloyd@consumerbankers.com
More From Weston Loyd
September 21, 2023Policymakers in Congress continue to advocate for legislative proposals seeking to create an all-in annual percentage rate (APR) cap for credit cards, including Senator Josh Hawley (R-Mo.) who recently introduced legislation that would do just that by imposing government price controls on the world’s most competitive and reliable credit card marketplace. While imposing caps on credit card interest rates may sound appealing at the surface, the reality is that doing so would dramatically harm all cardholders – especially the lowest income Americans these measures are intended to help. Here are...
September 21, 2023Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals under the Small Business Regulatory Enforcement Fairness Act (SBREFA) for the Fair Credit Reporting Act (FCRA): “The nation’s leading retail banks remain fully committed to protecting the personal financial data of the millions of Americans they serve and have proudly adhered to requirements under the FCRA for over 50 years. CBA appreciates that the Bureau has included many of the issues our members...
September 20, 2023In a new letter sent today, eight leading financial groups representing virtually all banks and credit unions voiced their opposition to the Capping Credit Card Interest Rates Act, a misguided proposal from Senator Josh Hawley (R-Mo.) that would impose government price controls on credit cards and effectively harm the very people the legislation seeks to protect. As outlined in the letter, Sen. Hawley’s proposal for an “all-in” annual percentage rate (APR) cap for credit cards at 18 percent would severely restrict the availability of this type of credit for millions of consumers across this...
