Schumer warns against loan sharks

Finance

ROCHESTER, N.Y. (WROC) — State Minority Leader Chuck Schumer is warning Americans of the growing prevalence of loan sharking during the pandemic.

Schumer claims that loan sharks are asking for interest rates as high as 800%, but showed no evidence that rates were that high. Still, Schumer called for a federal crackdown on loan sharks who he said are taking advantage of “desperate people.”

“800% interest, preying on the needs of desperate people? Uh-uh, not on our watch,” Schumer said, “So we’re asking the Consumer Protection Financial Board, the OCC, the Office of the Controller, the Federal Trade Commission and the FDIC to use all their muscle to crack down on these loan sharks and put them out of business now.”

Schumer blasted the Trump Administration for its plan to roll back federal regulations designed to protect consumers from predatory lenders.

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