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Big bank CEOs are available to the concept of a federal 36% rate of interest limit on customer loans

Big bank CEOs are available to the concept of a federal 36% rate of interest limit on customer loans

The heads of major U.S. banking institutions on Wednesday indicated support that is tentative a federal interest limit on customer loans, which may probably add payday and automobile name loans.

Throughout A wednesday hearing held by the senate committee on banking, housing, and urban affairs, senator jack reed, d-r.i., asked the ceos of bank of america, citigroup, goldman sachs, jpmorgan chase and wells fargo should they would help a 36% cap on interest levels on customer loans like pay day loans.

The lender CEOs failed to instantly reject the concept. "We absolutely don&;t charge interest prices that high for the client basis," Citi CEO Jane Fraser stated in reaction to Sen. (altro…)