Committee backs bill to clarify interstate interest-rate rules for state-chartered banks
The committee ordered HR 78 66 to restore clarity on interest-rate exportation under the dual banking system, a measure supporters said protects state-charter viability while opponents warned it could curtail states' ability to limit predatory lending schemes.
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Rep. Warren Davidson (R-OH) introduced HR 78 66, the American Lending Fairness Act, arguing it clarifies that a state's opt-out from interest-rate exportation applies only to institutions chartered in that state and that states may not enforce their interest-rate limits on out-of-state lenders. Davidson said restoring clarity promotes parity across the dual banking system and preserves access to credit.
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