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.
