Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill amends the Truth in Lending Act to cap credit card annual percentage rates at 10 percent inclusive of all finance charges, restricts non-finance fees used to evade the cap, creates civil remedies and forfeiture for knowing violations, preserves stronger state protections, and adds enforcement cross-references. The changes would be in effect until they are automatically removed on January 1, 2031 (a sunset).
Liberal emphasizes consumer protection and foreclosure of predatory rates.
Relative to its intended legislative type, this bill clearly and specifically imposes a 10% APR limit on credit card extensions and integrates those rules into the Truth in Lending Act with specified remedies and a sunset mechanism.
This bill amends the Truth in Lending Act to cap credit card annual percentage rates at 10 percent inclusive of all finance charges, restricts non-finance fees used to evade the cap, creates civil remedies and forfeiture for knowing violations, preserves stronger state protections, and adds enforcement cross-references.
The changes would be in effect until they are automatically removed on January 1, 2031 (a sunset).
Significant industry resistance, legal and market implications, and high ideological salience reduce chances despite sunset and state-savings provisions.
Relative to its intended legislative type, this bill clearly and specifically imposes a 10% APR limit on credit card extensions and integrates those rules into the Truth in Lending Act with specified remedies and a sunset mechanism. Its statutory language is specific about the cap, anti-evasion, and civil remedies and includes conforming amendments and a state nonpreemption clause.
Liberal emphasizes consumer protection and foreclosure of predatory rates.
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberal emphasizes consumer protection and foreclosure of predatory rates.
Likely broadly supportive as a strong consumer-protection measure that limits high-cost credit and predatory practices.
May push for robust enforcement and monitoring of credit access impacts, and could prefer making protections permanent rather than temporary.
Cautious approval: sees clear consumer-protection benefits but worried about market effects and unintended consequences.
Would favor implementation with careful monitoring, data collection, and contingency plans.
Likely opposed as an intrusive price control that interferes with contracting and credit markets.
Views the cap as risking reduced access to credit, higher costs elsewhere, and overreach by federal law.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Significant industry resistance, legal and market implications, and high ideological salience reduce chances despite sunset and state-savings provisions.
The bill has not accumulated any surfaced votes yet.
Liberal emphasizes consumer protection and foreclosure of predatory rates.
Significant industry resistance, legal and market implications, and high ideological salience reduce chances despite sunset and state-savin…
Relative to its intended legislative type, this bill clearly and specifically imposes a 10% APR limit on credit card extensions and integrates those rules into the Truth in Lending Act with specified remedies and a suns…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.