The Consumer Federation of America sent the following letter to the House Financial Services Committee opposing H.R. 7866, the American Lending Fairness Act, which would restrict states' ability to control loan interest rates set by out-of-state banks within their borders.

The letter reads: Since our country's founding, states have established usury laws to protect residents from these damaging services. In practice, high-cost credit strips struggling households of the ability to afford the goods and services they need to make ends meet. For these reasons, the Consumer Federation of America urges members of Congress to vote against the American Lending Fairness Act.