Five bills in the current Congress would put a federal limit on consumer interest rates. Two would cap credit card rates at 10%, and three would set a 36% limit that covers most other consumer loans as well. As of October 21, 2026, none had received a committee vote. All five were referred to the Senate Banking, Housing, and Urban Affairs Committee or the House Financial Services Committee.
The 10% bills, S. 381 and H.R. 1944, were introduced in February and March 2025, each with sponsors from both parties. Of the 36% bills, S. 2781 was introduced in September 2025, S. 3793 in February 2026 and H.R. 10439 on September 16, 2026. In January 2026, the President called for a one-year 10% cap on credit card interest rates and later asked Congress to pass one. None of the five bills has moved out of committee since.
The bills
| Bill | Title | Introduced | Lead sponsor | Sponsors and cosponsors | What it covers | What it would do (our summary) | Status |
|---|---|---|---|---|---|---|---|
| S. 381 | 10 Percent Credit Card Interest Rate Cap Act | 2025-02-04 | Bernard Sanders (I-VT) | 4: 2 Democrats, 1 Independent, 1 Republican | Credit cards | Caps the APR on credit card credit at 10%, counting all finance charges, and limits fees that are not finance charges to no more than the finance charges assessed. A creditor that knowingly charges more would forfeit all interest on the debt. The cap would end on January 1, 2031. | In committee (Senate Banking, Housing, And Urban Affairs) |
| H.R. 1944 | 10 Percent Credit Card Interest Rate Cap Act | 2025-03-06 | Alexandria Ocasio-Cortez (D-NY) | 2: 1 Democrat, 1 Republican | Credit cards | House version of S. 381, with the same 10% cap and the same January 1, 2031 end date. | In committee (House Financial Services) |
| S. 2781 | Protecting Consumers from Unreasonable Credit Rates Act of 2025 | 2025-09-11 | Richard Durbin (D-IL) | 3: 3 Democrats | All consumer credit | Sets a national limit of 36% on the "fee and interest rate" for consumer credit, a measure that counts interest and most fees, with limited exceptions such as small late fees and returned-check fees. | In committee (Senate Banking, Housing, And Urban Affairs) |
| S. 3793 | Predatory Lending Elimination Act | 2026-02-05 | Jack Reed (D-RI) | 16: 16 Democrats | Most consumer credit | Applies the Military Lending Act's protections, including its 36% military annual percentage rate limit, to credit extended to all consumers. Residential mortgages and car-purchase loans secured by the car are excepted, and federal credit unions stay under their own rate limit. | In committee (Senate Banking, Housing, And Urban Affairs) |
| H.R. 10439 | Veterans and Consumers Fair Credit Act | 2026-09-16 | Glenn Grothman (R-WI) | 2: 1 Democrat, 1 Republican | Most consumer credit | Like S. 3793, applies the Military Lending Act's 36% military APR limit and other protections to all consumers, with similar exceptions for mortgages and car-purchase loans. | In committee (House Financial Services) |
Sponsor counts include the lead sponsor and cosponsors listed by LegiScan as of October 21, 2026. Summaries are ours, based on each bill's introduced text; they are not complete descriptions. A bill that is not passed by the end of the 119th Congress in January 2027 expires.
How the bills differ
- What is covered: the 10% bills apply only to credit cards. S. 2781 applies to consumer credit generally. S. 3793 and H.R. 10439 apply to consumer credit except residential mortgages and car-purchase loans.
- How the rate is measured: the 10% bills count all finance charges in the APR. S. 2781 uses a broader "fee and interest rate." S. 3793 and H.R. 10439 use the Military Lending Act's "military annual percentage rate," which includes most fees and add-on products such as credit insurance.
- How long it lasts: the 10% bills would expire on January 1, 2031. The 36% bills have no end date.
- State law: all five say they do not override state laws that give consumers more protection.
Current law
There is no general federal cap on consumer interest rates today. The Military Lending Act limits most consumer credit to active-duty servicemembers and their dependents to a 36% military APR. Federal credit unions are subject to a rate ceiling set by the NCUA, currently 18% for most loans through September 10, 2027. Otherwise, rate limits come from state usury and lending laws, and national banks may generally charge the rates allowed in their home state to customers in other states.
The debate
Supporters of rate caps say they would lower borrowing costs and curb high-cost lending. Banking and lending groups argue that caps would lead lenders to cut credit limits or stop lending to people with lower credit scores, who might then turn to unregulated options. Studies of past state caps have reached different conclusions about those effects.
Official bill pages
- S. 381, 10 Percent Credit Card Interest Rate Cap Act: Congress.gov
- H.R. 1944, 10 Percent Credit Card Interest Rate Cap Act: Congress.gov
- S. 2781, Protecting Consumers from Unreasonable Credit Rates Act of 2025: Congress.gov
- S. 3793, Predatory Lending Elimination Act: Congress.gov
- H.R. 10439, Veterans and Consumers Fair Credit Act: Congress.gov
Source
Bill status and texts: LegiScan (data licensed under CC BY 4.0, LegiScan LLC), 119th Congress, searches for interest rate cap, usury and annual percentage rate limits, retrieved October 21, 2026, with each bill's introduced text read by us; Congress.gov bill pages. Bill texts are public records. Our table is available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Federal Interest Rate Cap Bills in Congress," My Credit Guide, October 21, 2026, https://mycreditguide.org/data/federal-interest-rate-cap-bills/.