Federal credit unions could be subject to additional caps on credit card interest rates if a group of Democratic senators gets its way.
Those rates are currently capped at 18% by the NCUA and could be subject to state caps if Congress passes a bill that mandates that federally chartered financial institutions be bound by lending laws of any state in which they have customers.
Currently, card issuers are only subject to the interest rate laws of the state in which they are incorporated. The new bill would reverse a 1978 U.S. Supreme Court decision.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
