Brown wants to eliminate credit card rate “loophole”
Columbus Dispatch – Sen. Sherrod Brown, D-Ohio, today backed a proposal in the Senate to add a credit card interest provision to the pending 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.
