'Capping the maximum credit-card interest rate is fair, common-sense and gives the working class a chance,' said Sen. Josh Hawley, a Republican from Missouri.
At a time when Americans are saddled with more credit-card debt and higher interest rates, a new bill is seeking to cap credit card annual percentage rates at 18%.
The Fed has jacked up its benchmark rate to fight inflation, but APRs — like so many other interest rates — hinge on the central bank’s actions. “A federal usury cap has been a nonstarter in the House. We do not see that changing,” Seiberg wrote. In 2019, Sen. Bernie Sanders, an Independent from Vermont, and Rep. Alexandria Ocasio-Cortez, a Democrat from New York City, introduced the “Loan Shark Prevention Act,” a bill to cap credit-card rates at 15%.
On Tuesday, however, members of the National Association of Federally-Insured Credit Unions, or NAFCU, a trade organization, raised worries about Hawley’s proposal for an across-the-board rate cap. In January, the NCUA board unanimously backed the 18% cap for another 18-month period. That extends the cap through Sept. 10, 2024.
Many credit unions may have membership rules. For example, Navy Federal Credit Union membership includes current and retired members of the armed forces, their families and their household members, and Department of Defense personnel, among others.
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