Statement on National Interest Rate Cap Proposals

July 29, 2021, Washington, D.C. – INFiN, a Financial Services Alliance, issued the following statement, attributable to executive director Ed D’Alessio, addressing proposals to implement a national Annual Percentage Rate (APR) cap on consumer credit – including small-dollar loans:

“Proposed national interest rate cap legislation embodies the ineffectual restrictions on consumer credit, adopted in the name of consumer protection, that never work – unless the goal is to eliminate consumers’ regulated credit options.

Imposing a 36 percent APR cap on consumer credit – especially short-term, small-dollar loans – demonstrates a complete lack of consideration for the very real financial challenges many are facing or where they would turn in the absence of regulated credit options. In every state with such caps, nearly all licensed, community-based small-dollar credit providers closed their doors.

Under such a rate cap, consumers’ need for credit will not disappear. Instead, they will be left to face the hefty costs and consequences associated with unmet bills, late payments, or illegal loans, as has been the case under every similar restriction.”


About INFiN

INFiN, a Financial Services Alliance, is the leading national trade association representing the diverse and innovative consumer financial services industry. Formerly Financial Service Centers of America (FiSCA), INFiN members deliver critical products and services to meet U.S. consumers’ ever-evolving needs and expectations, enabling essential financial inclusion and stability. For more information, visit

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