Big bank CEOs are available to the basic concept of a federal 36% rate of interest limit on consumer loans

Big bank CEOs are available to the basic concept of a federal 36% rate of interest limit on consumer loans

The minds of major U.S. banking institutions on Wednesday indicated support that is tentative a federal rate of interest cap on customer loans, which may probably add payday and car name loans.

Within a hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, Senator Jack Reed, D-R.I., asked the CEOs of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo if they would support a 36% cap on interest rates on consumer loans like payday loans wednesday.

The financial institution CEOs would not instantly reject the theory

We absolutely dont charge interest rates that high for the consumer foundation, Citi CEO Jane Fraser said in reaction to Sen. Reeds question. She included that Citi wish to check out what the law states, merely to make certain there are not any consequences that are unintended it. But we appreciate the character from it in addition to intent behind it, she stated. Read more…