SB 702 expands state interest rate cap to increase consumer access to responsible credit for West Virginians

Charleston, WV (February 18, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative partner banks, announced its strong support for West Virginia Senate Bill 702 (SB 702) that will raise West Virginia’s consumer credit interest rate cap from 31% to 36%. In a letter to the State Senate Committee on Finance, AFC commended Senator Mike Azinger for introducing the legislation and urged lawmakers to advance this pragmatic step toward expanding access to safe, affordable, and transparent credit for working families across the state while maintaining firm guardrails against predatory high interest lending.

“West Virginia families deserve access to responsible, transparent credit options that help them consolidate debt, cover essential expenses, and build financial resilience,” said Phil Goldfeder, CEO of the American Fintech Council. “A 36% interest rate cap eliminates triple-digit lending while giving responsible providers the flexibility to serve more consumers safely, expanding both financial inclusion and consumer protection.”

In its letter to lawmakers, AFC emphasized that responsible fintech companies and their innovative bank partners democratize financial services and provide safe, affordable credit to families long forgotten by traditional financial institutions, particularly those in rural and minority communities. By updating the usury rate cap to 36%, SB 702 aligns the state with an evidence-based standard that allows lenders greater flexibility to serve more West Virginians, increasing access to safe and affordable credit and financial empowerment.

“West Virginia has an opportunity to modernize its credit framework in a way that expands access while preserving strong consumer safeguards,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “Updating the state interest rate cap to 36% is a clear, evidence-based standard that ensures responsible lenders can continue serving working families safely, transparently, and in compliance with strong state oversight.”

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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