H.R. 7866, Financial Deregulation / Consumer Lending. Quorum's AI analysis reads it as a net cost — and names who bears it.
H.R. 7866 · Net cost
What it does
This bill amends federal banking law to allow states to opt out of federal interest-rate caps on loans made by state-chartered banks and credit unions.
The analysis names state-chartered banks — and 2 more groups — among the beneficiaries.
The cost
States that opt out may see a race-to-the-bottom dynamic, where lenders migrate to or prioritize state-chartered institutions in permissive states, concentrating lending power in deregulated jurisdictions.
The analysis put a high warning level on this bill. Transparency scores 35%; no detached riders.
Who is behind it
Filed by Warren Davidson. Cosponsored by Andy Barr, Sarah McBride, Steven Horsford and Vicente Gonzalez.
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