Brown fights loophole on credit-card-rate cap

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Brown fights loophole on credit-card-rate cap

Columbus Dispatch – Sen. Sherrod Brown, D-Ohio, last week backed a proposal in the Senate to add a credit-card-interest provision to the financial-regulation bill.

Brown, along with Sens. Bernie Sanders, I-Vt., and Sheldon Whitehouse, D-R.I., wants to eliminate a loophole that he says lets big national credit-card lenders avoid state-imposed interest-rate caps. That gives them an unfair advantage over local lenders subject to state limits, Brown says.

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