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NCL calls on Senate to support Consumer Credit Fairness Act

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Nation’s pioneering consumer organization urges lawmakers to protect consumers from usurious interest rates

Release Date: June 25, 2009
Contact: 202-835-3323, This email address is being protected from spambots. You need JavaScript enabled to view it.

Washington, D.C. -- The National Consumers League is pleased to support S.257, the Consumer Credit Fairness Act, which is scheduled to be considered today by the Senate Judiciary Committee. The Act, introduced by Sen. Sheldon Whitehouse (D-RI), would amend title 11of the United States Code “to disallow certain claims resulting from high cost credit debts.”

The following statement is attributable to Sally Greenberg, Executive Director of the National Consumers League:

“Consumer protection in light of the current economic downturn is crucial for the stimulation and revitalization of our economy. By modifying the bankruptcy code, this legislation, S.257 -- the Consumer Credit Fairness Act -- would help provide relief for consumers paying for excessive high-interest loans and who are subsequently overwhelmed by mounting debt. Furthermore, the legislation would create disincentives to debt issuers to offer such predatory loans in the first place. In the interest of protecting consumers from usurious interest rates, we urge the members of the Senate Judiciary Committee to approve this bill.”

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About the National Consumers League

The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.