Credit logos are seen on a downtown storefront as a pedestrian passes in Atlanta on July 18, 2012. U.S. Photo: Ashley Hopkinson/AP Credit Unions Seek to Block New Law Slashing Statutory Interest Rates on Consumer Debt
The proposed class action lawsuit argued that the planned change, which would slash interest rates from 9% to 2% beginning April 30, amounted to an unconstitutional taking and due process violation for entities holding judgments against consumers.
April 05, 2022 at 04:20 PM
3 minute read
Class Actions
Three federal credit unions have sued to block a new state law that would significantly lower the statutory interest rate on post-judgment consumer debts, saying they stood to lose millions if the measure takes effect later this month.
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