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Trojan horse bill targets bank loan interest reform
Albany news outlines a Senate bill dubbed Trojan horse proposing to cap interest at earned amounts and end the Rule of 78ths while allowing variable rate consumer loans tied to an index. Supporters call it long overdue reform, opponents warn of higher final costs and budgeting difficulties for borrowers. Senator Jay P. Robson sponsors the measure, mirroring Leichter's prior effort to end pay for the float and curb bank earnings from float time.
MENTIONED IN THIS ARTICLE
Albany
Senate
Jay P. Robson
R-Poughkeepsie
Franz Leichter
Manhattan
Leichter
New York