Credit Card Interest Rate Cap Act of 1994

[AI summary unavailable — showing source text] Credit Card Interest Rate Cap Act of 1994 - Expresses the sense of the Congress that: (1) low interest rates have reduced interest rates for consumer loans; (2) such low rates have not led to corresponding steep reductions in credit card interest rates; and (3) consumers are therefore paying credit card interest rates far in excess of what is warranted by economic conditions. Amends the Truth in Lending Act to prescribe a formula for a maximum credit card interest rate.…