Tornado-producing storm deals deadly weather to Oklahoma and Texas

A slow-moving, active storm system brought heavy rain, large hail and tornadoes to parts of Texas and Oklahoma and left three people dead as severe weather warnings Sunday continue to threaten parts of the south-central and Midwest U.S.

On Easter Sunday, communities in Texas and Oklahoma were beginning to assess the damage wreaked by tornadoes. There were 17 reported events Saturday, according to Bob Oravec, lead forecaster with the National Weather Service's Weather Prediction Center. Five were confirmed in south-central Oklahoma, including one that inflicted substantial damage on a small town that was still recovering from a March tornado.

The storm also brought heavy rain to a broad swath of north-central Texas across central-eastern Oklahoma, much of which saw 2 to 4 inches (5 to 10 centimeters) accumulate Saturday into Sunday.

Police in Moore, about 10 miles (16 kilometers) south of Oklahoma City, received dozens of reports of “high-water incidents” over the weekend, including two cars stranded in flood waters Saturday evening. One car was swept away under a bridge, and police said they were able to rescue some people, but a woman and 12-year-old boy were found dead.

“This was a historical weather event that impacted roads and resulted in dozens of high-water incidents across the city,” Moore police said in a statement Sunday. Moore has about 63,000 residents.

The storm also killed one person about 80 miles (129 kilometers) farther southeast after a tornado touched down in Spaulding, according to the Hughes County Emergency Management. The department wrote on Facebook that several homes and structures were destroyed and there were “numerous washouts” of county roads.

The National Weather Service said the preliminary survey of damage showed that tornado was at least EF1, with wind speeds between 86 and 110 mph (138 to 177 kph), as was another south of Oklahoma City in Love County.

Oravec said the system wasn't moving much over Texas and Oklahoma Saturday, leaving the area stuck under a very active thunderstorm pattern that produced large hail, flash flooding and tornadoes.

Bill Macon, emergency management director in Oklahoma's Marshall County, said their early assessments show a tornado “skipped and jumped around” over a path of 6 to 7 miles (about 10 to 11 kilometers) in the rural area that left at least 20 homes damaged, with some destroyed completely.

Macon said people were mostly home when the late night tornado came through, downing “huge” trees and dozens of electric poles and power lines, but there had not been reports of injuries or fatalities.

“We take those things pretty serious down here in Oklahoma,” Macon said of the National Weather Service's warnings.

One Oklahoma town that was still rebuilding from an early March tornado was hit again late Saturday. The north side of Ada, a town home to about 16,000 people, sustained damage that the weather service said indicated at least an EF1 tornado based on a preliminary survey. Social media posts showed roofs ripped off businesses in town, storefront windows blown in and billboards knocked sideways.

In a video posted to Facebook, Jason Keck, Ada director of emergency management, said the tornado seemed to track across the north side of town to a shopping center, “leaving a lot of damage to buildings, power lines and trees.”

One clothing store was “severely damaged,” according to The Ada News, but “bracketed on both sides by intact structures.”

At least two tornadoes crossed west Parker County, Texas, on Saturday, the county’s emergency services said on Facebook. Emergency crews were dispatched to several houses with roofs torn off and homes exposed, photos showed. One detached roof ended up smashed across a driveway.

Later Sunday, the storm system moved more quickly northeast but remained active with the risk of hail, high winds and heavy rains in Arkansas, Missouri, southern Illinois and southeastern Iowa. Thousands in Missouri were without power.

While heavy rain was subsiding in Texas and Oklahoma by late Sunday afternoon, additional heavy rain is expected across parts of the Plains this week, Oravec said. With streams already swollen and the ground saturated, that leaves the area at risk of additional flooding.

Broken power poles and power lines dangle across the parking lot of Quality Inn in Ada, Okla., after severe weather passed the area Sunday, April 20, 2025. (Richard R. Barron/The ADA News via AP)

Sheet metal roofing hangs on a damaged car at a local car dealership in Ada, Okla., after severe weather passed the area Sunday, April 20, 2025. (Richard R. Barron/The ADA News via AP)

Damage to Maurices clothing is shown in Ada, Okla., after severe weather passed the area, Sunday, April 20, 2025. (Richard R. Barron/The ADA News via AP)

Rain falls as police vehicles block a road in Ada, Okla. Saturday, April 19, 2025. (Richard R. Barron /The ADA News via AP)

Heavy rain falls in Ada, Okla., Saturday, April 19, 2025. (Richard R. Barron/The ADA News via AP)

Torrential rain falls in Ada, Okla., Saturday, April 19, 2025. (Richard R. Barron/The ADA News via AP)

Debris covers the ground after severe storms passed the area in Ada, Okla., on Saturday, April 19, 2025. (Richard R. Barron/The ADA News via AP)

Debris covers the ground after severe storms passed the area in Ada, Okla., on Saturday, April 19, 2025. (Richard R. Barron/The ADA News via AP)

Broken sheds, lumber, and walls lie strewn on the ground behind Quality Inn, Sunday, April 20, 2025 in Ada, Okla. (Richard R. Barron/The ADA News via AP)

Debris covers the ground after severe storms passed the area in Ada, Okla., on Sunday, April 20, 2025. (Richard R. Barron/The ADA News via AP)

NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.

Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.

Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

The Republican administration has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.

In a joint statement, the banking industry was opposed to Trump's proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.

Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.

The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.

Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.

"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.

There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Seung Min Kim reported from West Palm Beach, Fla.

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)