October 28, 2025

Joint Letter on Fee and Interest Rate Cap Legislation

ICBA and other groups told senators they oppose legislative proposals to institute new government price controls for consumer loans, such as the Protecting Consumers from Unreasonable Credit Rates Act (S. 2781), which would impose a national “fee and interest rate” cap of 36%. ICBA and the other groups said this would have a devastating effect on access to credit for individuals and small business owners who rely on access to well-regulated credit products.