Newspaper article International New York Times

Setback for Debt Collectors in U.S. Case

Newspaper article International New York Times

Setback for Debt Collectors in U.S. Case

Article excerpt

The Supreme Court declined to review a 2015 ruling by the U.S. Court of Appeals for the Second Circuit, limiting debt collectors to state usury laws.

The United States Supreme Court has declined to hear a case that could undermine the ability of some lenders to charge high interest rates.

The decision on Monday not to review a ruling by the United States Court of Appeals for the Second Circuit keeps intact a ruling that directly affects only a narrow slice of the finance industry, namely debt collectors.

But banking lawyers and lobbyists say the case, if applied more broadly, could wreak havoc on credit cards, student loans and other types of consumer lending.

The case involves the National Bank Act that exempts national banks from various state laws limiting the interest rates lenders can charge. …

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