HF 2329 would raise state interest rate cap to increase access to responsible credit for Iowa consumers

Des Moines, IA (March 12, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative partner banks, announced strong support for Iowa legislation (HF 2329) that would establish a 36% interest rate cap for consumer credit products in the state. In a letter to House Commerce Committee Chairman David E. Young, Vice Chairman David L. Blom, and Ranking Member Kenan Judge, AFC urged the legislation’s quick passage to increase access to responsible, transparent credit options for Iowa consumers.

“Consumers deserve access to safe, transparent credit options that help them navigate everyday financial needs,” said Phil Goldfeder, CEO of the American Fintech Council. “Responsible interest rate cap creates a clear standard that protects borrowers while ensuring responsible lenders can continue serving communities across Iowa. We thank Chairman Young and the entire House Commerce Committee for their leadership on this issue.”

In its letter, AFC emphasized that responsible fintech companies and their innovative bank partners are expanding access to financial services by delivering safe, affordable credit options to consumers historically underserved by traditional financial institutions, particularly in rural and minority communities. This bill would modernize Iowa’s consumer credit framework by aligning the state with widely recognized, evidence-based responsible lending standards and would significantly expand credit access across the state. This change could allow an estimated 250,000 additional Iowans each year to qualify for responsible loans, increasing available consumer credit by roughly $300 million.

“Responsible bank-fintech partnerships help reach historically underserved communities long neglected by traditional financial institutions,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “By adopting a 36% cap, Iowa can eliminate harmful, high-cost lending while expanding access to safe, affordable credit products that help families consolidate debt, manage expenses, and build financial stability.”

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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