American Lending Fairness Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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 preempts states from regulating interest rates for out-of-state financial 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 loans by state-chartered banks.
- This opt-out can be achieved through state legislation or a state voter referendum.
- The amendments apply to loans made after the adoption of the relevant state 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- Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 is repealed.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
- Financial regulators
Notable changes
- States will gain the ability to regulate interest rates for loans made by their own institutions.
- Federal preemption of state interest rate laws will be reduced.
- A previous federal law governing interest rate exportation is repealed.
Bill text
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