Letter highlights benefits of safe, affordable credit and responsible bank-fintech partnerships for Iowa consumers

Des Moines, IA (April 8, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a letter to Iowa Governor Kim Reynolds expressing strong support for House File 2329 (HF 2329), which raises the interest rate cap on consumer credit in Iowa at 36%. The letter commends the Iowa Legislature for passing the bill and highlights how it will expand access to safe, affordable credit and empower more Iowans to achieve financial stability.

“Access to affordable credit is essential for Iowans striving to manage their finances responsibly and plan for the future,” said Phil Goldfeder, CEO of the American Fintech Council. “This bill ensures that consumers can access loans at rates that are fair and sustainable, helping families consolidate debt, finance personal projects, and build long-term financial stability. We applaud the House Commerce Committee for introducing this bill and urge the Governor to sign it into law, so more Iowans can benefit from safe, responsible, and accessible credit.”

According to AFC’s analysis of its member companies, increasing Iowa’s interest rate cap to 36% would allow approximately 250,000 additional residents each year to access an estimated $300 million in new loans. This expanded access to responsible credit would help more Iowans consolidate debt, cover unexpected expenses, and finance important personal needs, while supporting rural communities and strengthening the state’s overall financial ecosystem through responsible bank-fintech partnerships.

“This bill represents a significant step forward for responsible lending in Iowa and ensures that Iowans are not unnecessarily constrained in the current credit environment,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “By establishing a clear 36% interest rate cap, the state is expanding access to safe, affordable credit for hundreds of thousands of Iowans who have historically been underserved by traditional financial institutions. This framework gives responsible lenders the clarity and flexibility needed to serve more consumers, while maintaining strong protections that support long-term financial stability and sustainable access to credit.”

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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