Overview
- Trump set a Jan. 20, 2026 start date for a one-year ceiling and warned issuers charging above 10% would be "in violation of the law," without explaining enforcement.
- Bank and card shares slid in premarket and early trading, with Capital One and Synchrony down up to about 10%, Citigroup off roughly 4%, JPMorgan 2–3%, and Visa and Mastercard lower about 1–2%.
- Wall Street analysts and policy firms said the proposal cannot be implemented by executive order and has low odds in Congress.
- Banking trade groups said a 10% cap would cut credit availability and steer borrowers toward costlier, less-regulated lenders.
- Buy-now-pay-later firms including Klarna and Affirm rose on expectations of tightened card lending, as average U.S. card APRs near 20% and revolving balances top $1.23 trillion.