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Introduction of the Veterans and Consumers Fair Credit Act

Floor Speech

Date: Nov. 12, 2019
Location: Washington, DC
Issues: Business and Consumers Finance and Banking Veterans

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Mr. GARCIA of Illinois. Madam Speaker, I am proud to introduce the Veterans and Consumers Fair Credit Act, which extends important protections to all consumers.

In 2006, Congress imposed an interest rate cap on many consumer loans, including payday products, for active-duty servicemembers and their dependents via a bipartisan amendment known as the Military Lending Act. This rate cap has proven successful in cracking down on usury and preventing predatory lending from trapping active-duty military families in a cycle of debt.

We know that the Military Lending Act has preserved access to credit while protecting consumers from predatory payday lenders. Some states have extended these proven protections to all their residents, but my constituents in Illinois remain vulnerable to payday loans, debt collection, vehicle repossessions, and more.

Veterans and consumers deserve the same protections from vicious debt traps that active-duty service members receive, and the Veterans and Consumers Fair Credit Act will do just that.

I encourage my colleagues to support this bill.

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