H.R. 7866 would slash a key protection against high-cost lenders. The bill eviscerates state-law interest rate limits on loans, which are the only such limits that exist for almost all Americans. H.R. 7866 would end states' ability to enforce their own interest-rate limits on loans made to their residents by out-of-state, state-chartered banks. The result would be more financial distress, fewer state protections against triple-digit interest rates, and expanded opportunities for high-cost lenders to use bank partnerships to evade state law. As families struggle with rising costs, Congress must preserve state protections against high-cost lending.
Vote NO against H.R. 7866.