US EditionBankers push back on Trump's plan to reduce swipe fees, cap interest rates
Trump's proposal aims to lower credit card costs amid record $1.23 trillion balances but faces warnings it could cut credit access for 175 million Americans, industry groups say.
- This coming week, the Administration plans to issue an executive order imposing a temporary 10% cap on credit card interest rates, marking breaking news amid market reactions.
- Trade associations including the American Bankers Association said they share the President's goal of helping Americans access more affordable credit, representing a $25.1 trillion industry safeguarding $19.7 trillion in deposits and extending $13.2 trillion in loans.
- Stocks slid Monday as Citi Group lost almost 4% in premarket trading and JPMorgan Chase fell 3%, with Bank of America, Visa, Mastercard, Wells Fargo, and PayPal also declining.
- Analysts and industry groups warn a 10% cap would reduce credit availability and be devastating for millions of American families and small businesses, while they look forward to working with the Administration.
- The cap would come into force on Jan. 20, according to a Truth Social post on Friday, and the Financial Services Forum includes the eight largest U.S. financial institutions as key stakeholders.
226 Articles
226 Articles
Associated Press News
As Trump's deadline for a cap on credit card rates looms, banks have only questions and no answers
President Donald Trump has demanded a 10% cap on credit card interest rates by January 20. Consumer groups, politicians, and bankers remain unclear about the White House's plans.
U.S. President Donald Trump proposed limiting the interest rate on credit cards to 10%. This initiative, which would allow many Americans to reduce payment for financing, would also harm the access of many low-credit users.While discussing Republican authority to implement this measure, it is anticipated that the Federal Reserve will not lower interest rates for a while.Trump proposed a 10% interest cap on credit cardsThe president made the anno…
InsideNoVA.com
Bankers push back on Trump's plan to reduce swipe fees, cap interest rates
(The Center Square) – Banks are pushing back against renewed efforts to cap interest rates for consumers, after President Donald Trump endorsed the move as he seeks to show Americans he's working to make life in America more affordable ahead…
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