But some consumer advocates were quick to caution that it remains to be seen how banks will tailor their new offerings - and what the OCC will allow. There's no official cap at a federal level on the interest rates banks can charge, but research has shown that anything above 36% is difficult for most borrowers to afford, said Rebecca Borne, senior policy counsel at the Center for Responsible Lending, a nonprofit group.
"The principles like affordability and reasonable pricing are good," Borne said in an interview. "But we are concerned that in a broader deregulatory environment, banks may be given more latitude to make high-cost loans than they've been given in the past, and that would have disastrous consequences."