[Congressional Record Volume 165, Number 180 (Tuesday, November 12, 2019)]
[Extensions of Remarks]
[Page E1429]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       INTRODUCTION OF THE VETERANS AND CONSUMERS FAIR CREDIT ACT

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                     HON. JESUS G. ``CHUY'' GARCIA

                              of illinois

                    in the house of representatives

                       Tuesday, November 12, 2019

  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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