LITTLE ROCK (Arkansas News Bureau) — Legislation pending in Congress would allow payday
lenders to return to Arkansas offering triple-digit loans under federal
authority, Attorney General Dustin McDaniel said Friday.
joined 39 other state attorneys general in opposition to H.R. 6139,
known as the Consumer Credit Access, Innovation and Modernization Act.
He said the bill would clear the way for payday lenders to sidestep
state regulation and would strip away the state's ability to protect
Arkansas consumers from predatory lending practices.
general warned about the effects of H.R. 6139 in a letter to House
Speaker John Boehner, House Majority Leader Nancy Pelosi, Senate
Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.
The bill is pending before a House subcommittee.
Click here for more on this story from the Arkansas News Bureau.
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