The 120 undersigned consumer, civil rights, work, community and appropriate solutions companies highly oppose HR 4439 (Hollingsworth), the alleged Modernizing Credit Opportunities Act. The bill will allow payday loan providers to make use of the print that is fine of terms and sham rent-a-bank arrangements to help make loans at 100% to 400% APR or more in states where those prices are unlawful. The bill would undercut the power that is historic of states to safeguard individuals from dangerous, usurious loans. Continue reading “120 customer, Civil Rights, Community Groups Oppose HR 4439 and Sham Rent-a-Bank Payday Lending”