States would get clearer power to set interest rates for banks and credit unions chartered within their borders.
This bill would give states clearer power to set interest rates for banks and credit unions chartered within their borders. It would change federal rules to make sure a state's decision to opt out of federal interest rate limits only applies to its own institutions, not those from other states. This could affect consumers borrowing from these local banks and credit unions.
Today, a federal rule allows states to opt out of federal interest rate limits, but it's unclear if this applies to banks chartered in other states. This bill would repeal that old rule. Instead, it would explicitly allow states to opt out of federal interest rate limits only for loans made by banks and credit unions chartered within that specific state, and this new framework would also apply to any state opt-outs made in the past.
S 3889 · 119th Congress · February 12, 2026 · AI Summary by gemini-2.5-flash · 8/10
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9 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.