Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
The American Lending Fairness Act lets a state pass a law or certify voter approval to opt out of the federal interest‑rate exportation parity that applies to out‑of‑state lenders. It amends the Federal Deposit Insurance Act and the Federal Credit Union Act so the exemption only covers loans made by institutions chartered in that state, and it repeals a related 1980 deregulation provision. The change affects state‑chartered banks, credit unions, and borrowers who obtain loans from those institutions.
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