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. вЂњMany Americans donвЂ™t have the cost savings to pay for a typical, $1,000 emergency like a car or truck repair,вЂќ he said.
McHenryвЂ™s bill вЂњwould 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,вЂќ Stein claims. вЂњWeвЂ™re seriously stressed that model would undermine North Carolina completelyвЂ™s usury guidelines which exist to safeguard folks from high-interest loans.вЂќ