Veterans and Consumers Fair Credit Act

The Veterans and Consumers Fair Credit Act extends the protections of the Military Lending Act to all consumers, not just active-duty military members and their dependents. This change caps interest rates on most consumer credit products at 36 percent per year and restricts certain fees and terms for loans extended by creditors. The bill excludes specific types of credit from these limits, including residential mortgages, auto loans secured by the vehicle being purchased, and loans made by federal credit unions that comply with existing usury laws. State attorneys general and regulators are granted authority to enforce these new rules through civil actions, while the Consumer Financial Protection Bureau is required to issue implementing regulations within one year of enactment.