10 Percent Credit Card Interest Rate Cap Act
- Introduced Mar 6
- Committee Mar 6
- Passed House Next
- Passed Senate Not yet
- To President Not yet
- Law Not yet
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Summary
10 Percent Credit Card Interest Rate Cap Act
Full summary3 paragraphs
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.
Library of Congress summary, Mar 6, 2025
- Introduced in HouseMar 6, 2025
Actions
- HouseIntroduced in HouseMar 6, 2025
- HouseReferred to the House Committee on Financial Services.Mar 6, 2025
Bill record
Text versions1
- Introduced in HouseMar 6, 2025PDF: Introduced in House
Committees1
- House Financial Services CommitteeReferred To Mar 6, 2025
Sponsor and cosponsors1 cosponsor
- Rep. Alexandria Ocasio-Cortez (D-NY-14)Sponsor, Mar 6, 2025
- Anna Paulina Luna (R-FL-13)OriginalJoined Mar 6, 2025
Amendments0
No amendments offered
Cost estimates and reports0
No cost estimate or committee report yet
Titles2
- 10 Percent Credit Card Interest Rate Cap ActShort Title(s) as Introduced
- To amend the Truth in Lending Act to cap credit card interest rates at 10 percent.Official Title as Introduced
Subjects1
Related bills1
- S. 381 119th, Identical bill 10 Percent Credit Card Interest Rate Cap Act
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.