TLDR Tech / Fintech
Fintechs push states to adopt 36% lending rate cap
Fintech companies are advocating for states to adopt a 36% interest rate cap on consumer lending. A consistent standard would clarify rules and allow responsible lenders to compete nationwide. The push comes as federal efforts to impose a national cap have stalled, shifting the policy battle to state legislatures such as Iowa and West Virginia. Industry groups representing firms like Affirm and DailyPay say standardized caps would protect consumers while enabling digital lenders to scale across states.
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