Trump Proposes 10% Cap on Credit Card Interest Rates
President Trump seeks a 10% credit card rate cap, prompting major banks to consider compliance strategies. Industry warns of restricted lending.
Insights:
President Trump donald trumphas proposed a significant policy shift by calling for a 10% interest rate cap on credit cards, a move he reiterated on Wednesday. He announced plans to seek Congressional approval for the cap to be in effect for one year. This proposal has sparked a swift response from major financial institutions, including Bank of America Corporation and Citigroup Inc. , both of which are exploring the possibility of launching new credit card products at the proposed rate as a compliance strategy.
