S. 381 119th Congress Senate

10 Percent Credit Card Interest Rate Cap Act

Official title: A bill to amend the Truth in Lending Act to cap credit card interest rates at 10 percent.

Introduced: February 4, 2025 Introduced by: Bernard Sanders Independent · Vermont See on congress.gov

Finance and Financial Sector

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 4, 2025

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

Feb 4, 2025

Introduced in Senate

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What's happening now February 4, 2025

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

Plain-English summary Congressional Research Service

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.

Related & companion bills 1

Bill text 1 version

Introduced in Senate Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 1

Banking, Housing, and Urban Affairs Committee
Senate

Lobbying activity 79

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

CGCN GROUP, LLC
for MASTERCARD WORLDWIDE · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
HUNTINGTON BANCSHARES INCORPORATED
for HUNTINGTON BANCSHARES INCORPORATED · Ohio · 3rd Quarter 2026 (July 1 - Sep 30)
SYNCHRONY FINANCIAL
for SYNCHRONY FINANCIAL · Connecticut · 3rd Quarter 2026 (July 1 - Sep 30)
JPMORGAN CHASE HOLDINGS LLC
for JPMORGAN CHASE HOLDINGS LLC · New York · 3rd Quarter 2026 (July 1 - Sep 30)
MASTERCARD WORLDWIDE
for MASTERCARD WORLDWIDE · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
AMERICAN BANKERS ASSOCIATION
for AMERICAN BANKERS ASSOCIATION · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)

Bodies those filers lobbied

HOUSE OF REPRESENTATIVES
78 filings
SENATE
77 filings
Treasury, Dept of
48 filings
Federal Reserve System
27 filings
Consumer Financial Protection Bureau (CFPB)
22 filings
Federal Communications Commission (FCC)
18 filings
Defense, Dept of (DOD)
17 filings
Executive Office of the President (EOP)
17 filings

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 79 filings →

Cosponsors 3

Gillibrand, Kirsten E.

New York · Oct 8, 2025

Merkley, Jeff

Oregon · Mar 11, 2025

Hawley, Josh

Missouri · Feb 4, 2025

Cite this page click to expand

APA

U.S. Congress. (2026). S. 381: 10 Percent Credit Card Interest Rate Cap Act. 119th Congress. Open America. https://openamerica.io/bill/119-S-381/

MLA

"S. 381: 10 Percent Credit Card Interest Rate Cap Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-381/.

Bluebook (legal)

S. 381, 119th Cong. (2026), https://openamerica.io/bill/119-S-381/.

Markdown link

[S. 381: 10 Percent Credit Card Interest Rate Cap Act](https://openamerica.io/bill/119-S-381/)