Washington, D.C. – The Administration announced plans today to issue an executive order imposing a temporary 10% cap on credit card interest rates. The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued a joint statement:
“We share the President’s goal of helping Americans access more affordable credit. At the same time, evidence shows that a 10% interest rate cap would reduce credit availability and be devastating for millions of American families and small business owners who rely on and value their credit cards, the very consumers this proposal intends to help. If enacted, this cap would only drive consumers toward less regulated, more costly alternatives. We look forward to working with the administration to ensure Americans have access to the credit they need.”
Additional Resources:
- BPI: The Potential Adverse Consequences of a Credit Card Interest Rate Cap
- CBA: From the CBA Data Desk: Credit Cards Helped Fuel America’s Fastest Post-Pandemic Recovery
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About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
Media Contacts
- Austin Anton, Bank Policy Institute, austin.anton@bpi.com
- Sarah Grano, American Bankers Association, sgrano@aba.com
- Weston Loyd, Consumer Bankers Association, wloyd@consumerbankers.com
- Barbara Hagenbaugh, Financial Services Forum, bhagenbaugh@fsforum.com
- Nicole Swann, Independent Community Bankers of America, Nicole.Swann@icba.org
