Empowering States' Rights To Protect Consumers Act of 2023

S 1934, the *Empowering States' Rights To Protect Consumers Act of 2023*, would allow states to set their own maximum interest rates for most consumer credit (like credit cards or personal loans), overriding federal limits. It directly affects consumers and lenders in states with stricter rate caps than current federal law, excluding residential mortgages. The bill amends the Truth in Lending Act to require that non-mortgage credit transactions follow the highest rate limit permitted by the consumer’s state of residence. This shifts regulatory authority from federal to state level for these financial products.