State lawmakers across the country have moved to shield residents from sky-high interest rates charged by out-of-state banks — in some cases as high as 199 percent on credit cards and loans. Now two Republican members of Congress who have received nearly $5 million in financial sector donations are pushing federal legislation that would override those state protections, allowing lenders to charge potentially exorbitant rates for their services.

The bill, introduced by Sen. Bernie Moreno (R-OH) and Rep. Warren Davidson (R-OH) on Feb. 12, would effectively codify a controversial lending loophole dubbed the “rent-a-bank” scheme. Under that model, lenders partner with banks headquartered in states with weak or nonexistent interest rate limits, allowing them to claim those states’ laws apply even when operating and issuing loans in states with more stringent consumer protections.

Many banks are based in states such as Delaware and South Dakota, which impose no caps on interest rates. Some other states, meanwhile, only prohibit “unconscionable” rates — a vague legal standard that generally bars charges “so one-sided that it shocks the conscience.”