S 381 119th Congress Senate Finance and Financial Sector

10 Percent Credit Card Interest Rate Cap Act

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

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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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.

What's happening now February 4, 2025

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

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 56

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

EMPIRE CONSULTING GROUP
for AMERICAN BANKERS ASSOCIATION · District of Columbia · 2nd Quarter (Apr 1 - June 30) 2026
MICHIGAN CREDIT UNION LEAGUE
for MICHIGAN CREDIT UNION LEAGUE · Michigan · 2nd Quarter (Apr 1 - June 30) 2026
CGCN GROUP, LLC
for MASTERCARD WORLDWIDE · District of Columbia · 1st Quarter (Jan 1 - Mar 31) 2026
HUNTINGTON BANCSHARES INCORPORATED
for HUNTINGTON BANCSHARES INCORPORATED · Ohio · 1st Quarter (Jan 1 - Mar 31) 2026
AMERICAN BANKERS ASSOCIATION
for AMERICAN BANKERS ASSOCIATION · District of Columbia · 1st Quarter (Jan 1 - Mar 31) 2026
SYNCHRONY FINANCIAL
for SYNCHRONY FINANCIAL · Connecticut · 1st Quarter (Jan 1 - Mar 31) 2026

See all 56 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/)