McDaniel: Bill would return payday lenders to state - KATV - Breaking News, Weather and Razorback Sports

McDaniel: Bill would return payday lenders to state

Posted: Updated:

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.

McDaniel 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.

The attorneys 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.

  • PoliticalMore>>

  • Obama offering Japan security, economic assurances

    Obama offering Japan security, economic assurances

    Wednesday, April 23 2014 9:25 PM EDT2014-04-24 01:25:20 GMT
    President Barack Obama is opening a four-country visit to the Asia-Pacific region in Japan, but the West's dispute with Russia over Ukraine is looming.More >>
    Facing fresh questions about his commitment to Asia, President Barack Obama will seek to convince Japan's leaders Thursday that he can deliver on his security and economic pledges, even as the crisis in Ukraine demands...More >>
  • Rail safety effort marred by squabbling

    Rail safety effort marred by squabbling

    Wednesday, April 23 2014 7:54 PM EDT2014-04-23 23:54:34 GMT
    Spurred by a series of fiery train crashes, a push by government and industry to make safer tank cars used for shipping crude oil and ethanol has bogged down in squabbling and finger-pointing over whether...More >>
    Spurred by a series of fiery train crashes, a push by government and industry to make safer tank cars used for shipping crude oil and ethanol has bogged down in squabbling and finger-pointing over whether they're...More >>
  • NTSB head: Action needed now on oil train safety

    NTSB head: Action needed now on oil train safety

    Wednesday, April 23 2014 7:54 PM EDT2014-04-23 23:54:30 GMT
    The Obama administration needs to take steps immediately to protect the public from potentially catastrophic oil train accidents even if it means using emergency authority, National Transportation Safety Board...More >>
    The Obama administration needs to take steps immediately to protect the public from potentially catastrophic oil train accidents even if it means using emergency authority, National Transportation Safety Board Chairman...More >>