McHenry declined an interview demand. Talking in the House flooring in marketing their bill, the congressman argued it might make credit easier for small enterprises and lower-income borrowers. “Many Americans don’t have the cost savings to pay for a typical, $1,000 emergency like a car or truck repair,” he said.
McHenry’s bill “would allow a loan provider to charge whatever price they desire on that loan, then straight away assign that loan up to a third-party nonbank,” Stein claims. “We’re seriously stressed that model would undermine North Carolina completely’s usury guidelines which exist to safeguard folks from high-interest loans.”