California legislators have since the middle of last month been weighing a proposal from Assemblywoman Monique Limon to cap interest rates on loans between $2,500 and $10,000– colloquially known as “anti-payday loan” legislation. The legislation is attracting mixed reviews from the financial services sector. Not surprisingly, a lot of payday lenders hate it. But the quiet word is that a lot of banks love it, since if passed, it would push consumers towards banks who– some studies allege– charge proportionally much higher costs for bounced checks and unauthorized overdrafts than the effective APR on a high-interest payday loan. The bill may also face skepticism from millennials, who have limited ability to take out conventional loans due to a lack of assets, and who often need to borrow smaller amounts than traditional banks will lend (usually banks want borrowers to take out a minimum of $3,000). In any event, as the…