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S 838 114th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Civil actions and liability Consumer Financial Protection Bureau Consumer credit Fraud offenses and financial crimes Interest, dividends, interest rates

Protecting Consumers from Unreasonable Credit Rates Act of 2015

Introduced: March 23, 2015 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
Mar 23, 2015
Introduced in Senate
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 Plain-English summary Congressional Research Service

Protecting Consumers from Unreasonable Credit Rates Act of 2015

Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

What's happening now March 23, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)

 Related & companion bills 1
  • HR 1565 Identical bill Protecting Consumers from Unreasonable Credit Rates Act of 2015
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Blumenthal, Richard
Connecticut · Mar 23, 2015
 D
Merkley, Jeff
Oregon · Mar 23, 2015
 D
Whitehouse, Sheldon
Rhode Island · Mar 23, 2015
Cite this page click to expand
APA
U.S. Congress. (2026). S. 838: Protecting Consumers from Unreasonable Credit Rates Act of 2015. 114th Congress. Open America. https://openamerica.io/bill/114-S-838/
MLA
"S. 838: Protecting Consumers from Unreasonable Credit Rates Act of 2015." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-838/.
Bluebook (legal)
S. 838, 114th Cong. (2026), https://openamerica.io/bill/114-S-838/.
Markdown link
[S. 838: Protecting Consumers from Unreasonable Credit Rates Act of 2015](https://openamerica.io/bill/114-S-838/)
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