American Lending Fairness Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The American Lending Fairness Act of 2026 aims to give states more control over interest rates charged on loans made by their state-chartered banks and credit unions. Currently, federal law generally preempts state regulations on interest rates for these institutions. This bill would allow states to opt out of this federal preemption if they choose, either through legislation or a voter referendum. It also repeals a section of a 1980 law that established interest rate exportation parity.
Key provisions
- States can opt out of federal interest rate preemption for state-chartered banks and credit unions.
- Opt-out can be achieved through state legislation or a state voter referendum.
- The amendments apply to loans made after the adoption of the opt-out law or certification.
- Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 is repealed.
Who is affected
- State-chartered banks
- State-chartered credit unions
- State governments
- Consumers who obtain loans from state-chartered institutions
Notable changes
- States will gain the ability to regulate interest rates for loans made by their own banks and credit unions.
- Federal preemption of state interest rate laws will be reduced.
- A 1980 law that established interest rate exportation parity is repealed.
Bill text
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