Regulatory Alerts2023-05-11
Pennsylvania Department of Banking and Securities Statement on Maximum Interest Rates for State-Chartered Banks
The Pennsylvania Department of Banking and Securities issued a letter clarifying that state-chartered banks are not subject to any statutory interest rate caps. The Department determined that the Banking Law Modernization Package of 2012 removed previous restrictions by allowing banks to charge rates permitted by federal or state supervisory authorities. Consequently, the 6% cap under the Loan Interest and Protection Law and the limits under the Consumer Discount Company Act do not apply to these institutions.
Share