Jeffrey P. Naimon quoted in American Banker article, “Will the U.S. ever enact a national interest rate cap?”
American BankerJeffrey P. Naimon
Jeffrey P. Naimon was quoted on March 5, 2020 in an American Banker article, “Will the U.S. ever enact a national interest rate cap?” which discussed a proposals to create a 36% interest rate cap on consumer loans at the national level, and the arguments against such legislation. The article stated, “Despite the push from consumer groups, industry representatives warn that capping all consumer loans at 36% would impede the ability of low-income borrowers to access credit.”
Naimon noted, “Although we can understand why some people think it’s inappropriate for there to be higher interest rates, we also know that there will be a lot of people who will lose access to credit when you put a cap like that on interest rates. We don’t have any other mechanism in our society for these borrowers to handle the financial circumstances that cause them to seek higher-priced credit.”
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