As CFPB retreats, the new danger is a jumble of state-level mandates.
American Banker: Out of One, Many

As CFPB retreats, the new danger is a jumble of state-level mandates.
Good intentions don’t pay the bills. But choice, transparency, and access can.
The veto of Alaska’s SB 39 preserves critical credit access for underserved consumers and rejects the failed model of rate caps seen in New Mexico and Illinois.
The CFPB’s outdated rule on small-dollar lending punishes working-class Americans by restricting access to the very credit they rely on to make ends meet.
This isn’t just about miles and points; it’s about economic freedom and financial choice.
A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value, and raising concerns about an illegal interstate compact.
Last week, I had the opportunity to testify before the Alaska Senate Finance Committee on the dangers of Senate Bill 39, a proposal to impose a 36% APR cap on consumer credit. Additional testimony was submitted to the Senate Labor and Commerce Committee before the bill was advanced to the Senate Finance Committee. This legislation […]
Alaska’s Senate Bill 39 (SB 39) proposes a 36% APR cap on consumer loans up to $25,000. The bill aims to regulate financial services, prevent “predatory” lending, and bring state laws in line with federal consumer protection measures. However, while the bill’s intentions may seem noble, its real-world consequences will devastate Alaskan consumers—especially those with […]
And benefit the nation, too.
Businesses, consumers, and innovators scored a major victory as the FCC’s overreaching one-to-one consent rule was struck down.