Overview
- President Trump’s call for a one-year 10% ceiling on card interest, slated for Jan. 20, still lacks a viable legislative path.
- NEC Director Kevin Hassett said banks could introduce low-rate products voluntarily, though a major issuer and a lobbyist said they have not discussed such a plan with the White House.
- Executives at Citigroup, JPMorgan Chase, and Bank of America said a fixed limit would prompt tighter underwriting, smaller lines, and fewer rewards.
- Supporters cite research estimating roughly $100 billion in annual consumer savings, while the Electronic Payments Coalition warns up to 88% of open accounts could lose access under a strict cap.
- The OCC and FDIC recently filed briefs opposing Colorado’s rate-limiting law, underscoring a split between the administration’s rhetoric and its regulators’ legal stance.