S 381referred119th Congress

10 Percent Credit Card Interest Rate Cap Act

Introduced Feb 4, 2025Senate billPolicy area: Finance and Financial SectorLast action Feb 4, 2025Sponsor: Bernard Sanders(I-VT)

financeFinance and Financial Sector

Banking, Housing, and Urban Affairs Committee

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Official summaryUpdated Feb 4, 2025

What the bill does

10 Percent Credit Card Interest Rate Cap Act This bill temporarily caps credit card interest rates at 10%. Creditors that knowingly violate this bill forfeit the entire interest of the debt. The bill also provides a private right of action for debtors to recover interest, finance charges, or fees. The action must be brought within two years of the violation. In addition, violations of this bill are subject to civil liability under the Truth in Lending Act, which is enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission. These changes sunset on January 1, 2031.

Latest official action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Lobbying Filings Citing It

$13.2M

Reported on Those Filings, All Issues

Lobbying Clients

Recorded Votes

Timeline

Feb 4, 2025bill

Bill introduced

Apr 11, 2025lobbying

Lobbying filed by CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONS

Apr 21, 2025lobbying

Lobbying filed by AMERICAN BANKERS ASSOCIATION

Jul 11, 2025lobbying

Lobbying filed by CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONS

Jul 21, 2025lobbying

Lobbying filed by AMERICAN BANKERS ASSOCIATION

Jul 21, 2025

Official Congressional Actions

Feb 4, 2025IntroReferral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

View official action

Feb 4, 2025IntroReferral

Introduced in Senate

View official action

Lobbying Activity

Registrant	Client	Amount	Filed	Period	Issues
AMERICAN BANKERS ASSOCIATION	AMERICAN BANKERS ASSOCIATION	$2.0M	Jul 21, 2025	2025Q2	ACCAGRBAN
AMERICAN BANKERS ASSOCIATION	AMERICAN BANKERS ASSOCIATION	$1.7M	Apr 21, 2025	2025Q1	BUDCPTFIN
JPMORGAN CHASE HOLDINGS LLC

About this page

The lobbying table lists Senate LDA quarterly reports (LD-2) that cite this bill by number and cover a quarter of the 119th Congress. An LD-2 names a bill as “H.R. 1234” with no Congress, so a report on another Congress, which can only concern a different bill with the same number, is left out, even when it was filed after this Congress began. The amount is what the registrant reported for the whole filing, across every issue on it, not spending on this bill. Official actions and the bill summary come from Congress.gov, and votes from the roll-call record. This page no longer pairs the bill with members' stock trades: matching lobbying clients to traded companies by name, and trades to a bill by date, is not something the records establish.